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What impact has the Ukraine-Russia war had on the supply of gold to jewelers and watchmakers?

What impact has the Ukraine-Russia war had on the supply of gold to jewelers and watchmakers?

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Due to the war that Russia has been waging on Ukraine for almost four months now, luxury jewelers and watchmakers are finding it increasingly difficult to be supplied with raw materials.

 

Since many countries and companies have disassociated themselves from Russia because of the country’s actions towards Ukraine, many luxury houses have also followed suit and interrupted their commercial relations with the latter. LVMH, Kering and Hermès are some of the luxury groups that have reduced their presence and that of their subsidiary brands in Russia.

 

But this situation has had several consequences for the supply of raw materials to luxury jewelers and watchmakers.

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Indeed, Russia is the world’s largest producer of natural diamonds and the second largest miner of gold, according to the World Diamond Council and the World Gold Council. And luxury houses, such as Kering, have refused to buy diamonds mined in Russia since the Russian invasion on February 24.

 

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