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Tiffany Joins Signet in Banning New Diamonds Mined in Russia

  • Both companies’ policies go beyond Biden diamond decree
  • Jewelers still have months worth of Russian gems in inventory
France’s Richest Man Bets $16 Billion on Lost Tiffany Luster
Photographer: Jason Alden/Bloomberg

Tiffany & Co. says it will stop buying new diamonds mined in Russia as pressure builds on companies to cut Russian products from their supply chains.

Tiffany is the second major U.S.-based jeweler to eschew the world’s top supplier of the gems. Tiffany’s restrictions, which it detailed in a statement set to be released Friday, are similar to those put in place earlier this month by Signet Jewelers Ltd., the owner of Zales and Kay Jewelers.