Russia
Russia plays a significant role in the global jewellery industry, particularly as a major source of diamonds, precious metals, and coloured gemstones. For UK jewellers, designers, and suppliers, developments in Russia can impact supply chains, pricing, and ethical sourcing considerations. Jewellery Focus provides coverage on Russia’s influence within the trade, including market trends, sanctions and regulatory changes, and how geopolitical factors affect the availability and sourcing of materials. Our reporting helps trade professionals navigate the complexities of working within a globally connected industry.
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May- 2022 -10 MayNews
RapNet bans Russian diamonds
RapNet, the diamond trading network, has banned Russian diamonds from its platform amid the country’s ongoing attack on Ukraine. According to Rapaport, the ban applies to all diamonds sourced from Russia after 24 February 2022, and it includes polished diamonds manufactured outside of Russia from Russian rough diamonds. All in…
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5 MayNews
BoE raises interest rates to highest level since 2009
The bank of England (BoE) has raised interest rates to its highest level since 2009 – marking the fourth time it has taken action since December. The new rate of 1%, up from 0.75%, is the BoE’s latest attempt to curb the rampant rise in inflation – also at its…
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Apr- 2022 -11 AprilManufacturers
Titan sales drop amid rise in gold prices and geo-political uncertainty
The Titan Company revealed sales for its jewellery segment dropped 4% year-on-year in the fourth quarter (Q4) of FY22 amid the “sharp” rise in gold prices and sentiment impact following the external geo-political conflict from Russia. The plain jewellery category reportedly “bore the brunt” of gold volatility in March 2022,…
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1 AprilTrade Organisations
RJC executive director steps down amid ongoing Russia conflict
The Responsible Jewellery Council’s (RJC) executive director, Iris Van der Veken, has reportedly resigned from her role following the organisation’s handling of Alrosa’s membership during the Russia-Ukraine war. According to Rapaport News, Van der Veken handed in her resignation letter to the board of directors on Wednesday (30 March) as…
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1 AprilRetailers
Lubrusan Studio calls for Russian diamond boycott
Lebrusan Studio has called on the jewellery industry to join in taking an active stance against Russian conflict diamonds. The global diamond industry is worth tens of billions of dollars, and Russia – the world’s leading diamond producer – accounts for around 30% of that market. The majority of Russian…
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Mar- 2022 -31 MarchRetailers
Pandora ends membership with RJC after refusal to suspend Russian companies
Pandora has announced it is ending its 12-year membership with the trade association Responsible Jewellery Council (RJC) after its “failure to suspend Russian companies’ memberships and responsible business certifications and urge its members to suspend business with Russia”. It comes after Pandora had previously requested that RJC take such actions.…
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23 MarchEconomy
Spring Statement: Chancellor raises NI threshold to £12,570
The chancellor has outlined a series of measures to help combat the rising cost of living in his latest spring statement, including increasing the national insurance threshold by £3,000. Speaking in parliament today (23 March), Rishi Sunak began his speech by warning it is yet unclear what the impact of…
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18 MarchFeatures
13 Spring Statement predictions
With both the global and UK economies coming under pressure from the rising cost of living crisis, which has only been exacerbated by Russia’s invasion of Ukraine, all eyes will be on the chancellor when he makes his Spring Statement speech on 23 March 2022. Here, Christy Wilson, tax associate…
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17 MarchNews
BoE raises interest rates to 0.75%
The Bank of England has raised interest rates back to the pre-pandemic level of 0.75% as it tries to mitigate the effect of the rising costs of living and the impact that the conflict in Ukraine is having on the global economy. The Monetary Policy Committee (MPC) voted with a…
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8 MarchCurrent Affairs
Richemont suspends operations in Russia
Richemont has announced that it has suspended all commercial activities in Russia, following its prior announcement of stopping operations in Ukraine on 24 February. The company said it is in close contact with its people on the ground and ensuring they receive financial, logistic and moral support. Richemont has also…
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