The owner of Zales and Kay Jewelers will no longer buy diamonds and other precious gems originating in Russia – a surprise reversal that comes as companies around the world cut ties in response to …
The owner of Zales and Kay Jewelers will no longer buy diamonds and other precious gems originating in Russia – a surprise reversal that comes as companies around the world cut ties in response to the invasion of Ukraine. Signet Jewelers cited the mounting sanctions targeting Russia and its business entities in a memo to suppliers explaining the decision. The company's decision to halt purchases from Russia could have major implications for the global diamond trade. Russia is the world's largest source of precious gems and the world's largest diamond producer by volume. Russia's Alrosa PJSC is partially owned by The Kremlin. "Signet has therefore halted all trade in precious metals and diamonds that originate from such sanctioned Russian sources, and you are therefore requested to stop supplying the same to Signet even though the country(s) in which you operate may not have imposed sanctions on…