Signet Jewelers has announced that it stopped sourcing Russian diamonds “as soon as the conflict started” in Ukraine.
In an interview with Bloomberg, Signet Jewelers CEO Gina Drosos explained that it was “important for [the company] to take a stand” because she believes that is what its customers want.
“As soon as the conflict started we immediately stopped directly sourcing any diamonds or gemstones from Russia,” Drosos said in a video interview, “and we’ve asked our vendors to do the same.
“We promise our customers that everything they can buy in a Signet store has been responsibly sourced, and we need to maintain that promise. We also made a donation to the Red Cross to help people on the ground in Ukraine.”
Bloomberg quizzed Drosos about where Signet will get its diamonds and gems from instead. She explained: “We source diamonds from many different places in the world – Botswana, Namibia, Australia. We work only with suppliers we are certain responsibly sourced those stones.
“We are agile enough to quickly shift our supply chain. We also know customers are interested in other kinds of jewellery – gold jewellery for example – and we’re a very innovative company in terms of being able to bring new and different jewellery into the marketplace.”
She expressed her desire that Signet will keep its “middle-market” offering as just that, meaning prices of its product should not skyrocket, explaining: “We are 10 times more vertically integrated than we were just two years ago. That’s a cost saving for customers.”
The CEO also gave her prediction as to where Russian diamonds will end up if they are not being bought by European and American businesses. She said: “Most US companies are coming alongside us.
“Many of the larger Russian diamonds already go to Asia and the Middle East. I believe that supply chain will continue to be a potential source over time.”