Skip to content

Signet Hits Diamond Trade With Refusal to Buy Russian Gems

  • Jeweler says it won’t buy diamonds from Russia: Signet memo
  • Company goes further than U.S. ban on importing rough stones
A Zales Jewelers store, a subsidiary of Signet Jewelers Ltd., in New York.

A Zales Jewelers store, a subsidiary of Signet Jewelers Ltd., in New York.

Photographer: Mark Kauzlarich/Bloomberg
Updated on

Signet Jewelers Ltd., the owner of Kay Jewelers and Zales, sent shockwaves through the global diamond trade on Wednesday, telling suppliers it would no longer buy stones mined in Russia, the world’s biggest source of gems.

The move by the largest diamond retailer in the industry’s most important market will create difficulties through the entire global supply chain. In diamond hubs from the Belgian port-city of Antwerp to Mumbai and Dubai, diamonds from different countries are routinely mixed together at almost every stage of cutting, polishing and trading.