The Richemont Group’s decision was motivated by RJC’s lack of transparency regarding the sourcing of diamonds from Russia. The group had announced suspend its commercial activities in Russia a few weeks ago, as did Tiffany & CO. Danish jewelry brand Pandora has also declared its withdrawal from the Responsible Jewellery Council for the same reasons.
Russian mines produce 30% of the world’s diamonds, and many of the world’s leading jewelers are not saying whether they will continue to buy Russian gems as the war with Ukraine drags on.
