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Demand is raging for synthetic diamonds, with every luxury house leaping on the bandwagon. But the artificial stones industry fears that sanctions against Russia - one of the sector's leading producers - could disrupt its momentum.
A fraught legal battle playing out in the United States between two siblings from the fourth generation of the Bulgari jewellery dynasty is having knock-on effects for a discreet Swiss firm that manages the family's fortune.
In search of an alternative to Russian diamonds, whose trade the EU has been trying to sanction for a year, Antwerp, one of the world's three stone-trading centres, is trying to bring back Zimbabwean diamonds, which have long been under sanctions.
Unable to buy Russian diamonds due to US and EU sanctions, jewellery companies are looking for other options to help them play by the rules and polish up their reputations with clients.
The brand with the iconic crocodile logo denies that it still sells its products in Russia. But, to avoid a drastic decline in sales, one of its partners does so on its behalf.
Since Glitz.paris disclosed that De Beers sold Russian stones in the United States in 2022, the diamond giant has fiercely denied it - letting slip some revealing information in the process.
Since leaving Richemont in 2016, former Cartier chief Alain Dominique Perrin has continued to earn millions of Swiss francs a year from the group, officially as a marketing and development consultant.
De Beers claims to source its diamonds only from Africa and Canada, but last year it sold stones of Russian origin in the United States. The firm also bought diamonds in 2022 from the Russian firm Alrosa via an Israeli company.
All the luxury groups, from Richemont to LVMH, have made traceability commitments for their coloured stone jewellery. But the realities of a market concentrated in a handful of countries make credible certification impossible. Glitz.paris looks into the situation in Madagascar, the epicentre of the sapphire business.
After Moscow annexed four Ukrainian regions last week, the European Union and the United States sought to tighten the grip of sanctions already in place against Russia, particularly over the trade in luxury goods. But at the eleventh hour, brands that have long prospered from their Russian clientele have managed once more to slip through the cracks in Europe.