CFRUY Compagnie Financiere Richemont (PK)

   By Joshua Kirby 
 

A jewelry trade association said late Friday that is has accepted the suspension of the membership of Russian diamond miner Alrosa Co., after two high-profile members withdrew from the organization in protest at what they described as its inaction in the face of Russia's invasion of Ukraine.

The Responsible Jewellery Council, which aims to ensure transparency and sustainability in jewelers and suppliers, said its board had voted to accept Alrosa's suspension.

At the beginning of March, the RJC began a third-party legal review to ensure it had the appropriate authority to take action, it said.

"Additional government actions, including sanctions announced by the United States in February and March, and the United Kingdom on March 24, caused additional complexity and increased the time necessary to complete the review. The legal review, as promised, was provided to the RJC board of directors mid-week this week. Taking any action prior to the delivery of the legal opinion would have exposed the RJC to significant legal risk," the body said.

"We take governance seriously and want to ensure that any action we take is fully supported by law," RJC Chairman David Bouffard added.

Last week, RJC members Compagnie Financiere Richemont SA and Denmark's Pandora A/S said they had withdrawn from the association. Swiss group Richemont, which owns jewelers Cartier and Van Cleef & Arpels, said it didn't wish to be a member of an "industry organization that includes companies that contribute to financing conflicts and war."

Pandora also said it was quitting its 12-year membership of the RJC. "The decision follows the RJC's failure to suspend Russian companies' memberships and responsible business certifications and urge its members to suspend business with Russia," Pandora said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 04, 2022 03:38 ET (07:38 GMT)

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