Luxury Brands "Buying Russian Through Dubai Laundromat"
October 12, 23
(IDEX Online) - Luxury brands are still buying Russian diamonds, despite their claims to the contrary, according to an investigation by the Ukraine-based Kyiv Independent.
It says melee from Alrosa is routinely included in mixed parcels at what it calls the "Dubai laundromat".
"Clients of jewelry brands like Tiffany and Cartier have no idea the money they spend on diamonds may contribute to Russia's war," says the online English language news organization.
The brands cannot guarantee that their jewelry does not include Russian goods, two industry insiders told the website.
Kyiv Independent says Dubai is "the perfect gateway for sellers trying to hide the origin of Russian diamonds and bypass US restrictions".
It cites as an example a $255,000 Cartier watch (pictured), "set with 598 brilliant-cut diamonds totaling 10.67 carats". It says industry insiders estimate that 70 per cent to 80 per cent of the melee are Russian.
Exports by the state-controlled miner Alrosa have been unaffected by "sanctions" and those to UAE have increased by two-and-a-half times.
Tiffany denied the allegations made by Kyiv Independent and Cartier did not respond.