Cartier-owner Richemont has stepped down from the Responsible Jewellery Council (RJC) after the industry body had failed to cut ties with Russia, Richemont chief financial officer Burkhart Grund told reporters at the Watches and Wonders watchmakers industry fair Wednesday.

"We're not trying to make a statement per se, we're trying to uphold the very high standards we've been shaping over last 15 years. If RJC cannot uphold highest of standards, then we cannot be part of that. That's why we stepped down," said Grund.

Grund added that the luxury group would look into how to certify its labels in order to reassure consumers.

Jewellery maker Pandora also said on Wednesday it was cutting ties with the RJC, which sets ethical standards for the jewellery and watch industry.

Richemont, which has suspended activities including e-commerce in Russia, also said it has stopped sourcing diamonds from the country since Feb. 24.