Cartier ECONOMIC

Supply Chain & Sourcing Relationships

Direct Supplier Relationships: no public evidence identified of any commercial relationship between Cartier or its parent Compagnie Financière Richemont SA and Israeli agricultural aggregators or exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors; Cartier’s jewelry and watch product lines are not produce-related, and neither name appears on the Who Profits companies list or the AFSC Investigate settlement-industry company list, both of which name numerous agricultural exporters, as directly queried and opened in this research.^{1, 2}

Importer of Record Structure: No evidence was identified that Cartier or Richemont operates a wholly-owned subsidiary, joint venture, or dedicated entity acting as an importer of record for goods originating in Israel or the occupied territories.^{3, 4}

Seasonal Sourcing Patterns: no public evidence identified of recurring seasonal procurement from Israeli suppliers by Cartier or Richemont; this sub-category is not applicable to Cartier’s hard-luxury product category, and no sourcing-calendar evidence was found in any source reviewed.^{1, 2}

Third-Party & Indirect Sourcing: Cartier-branded watches and jewelry reach Israeli shelves through Padani, an Israeli multi-brand retailer independently described by a Jerusalem tourism publication as “the exclusive agent for renowned brands, including Patek Philippe, Cartier, Piaget, Breitling,” among others, in Israel.³ A Jerusalem Post sponsored-content article states that Padani “has been the exclusive representative in Israel” of several prestige watch and jewelry brands including Cartier “since 1972.”⁵ Richemont’s own Piaget maison lists “Padani” as an authorized retailer at two Israeli addresses - Mamilla Avenue, Jerusalem, and Herbert Samuel Street, Tel Aviv - confirming that at least one Richemont maison formally recognizes this third-party retailer.⁴ Padani separately promotes itself under a page titled “Where to get your Cartier serviced? The importance of official service,” indicating it also provides after-sales servicing of Cartier watches in Israel.⁶ No evidence was identified that Cartier- or Richemont-branded merchandise sold via Padani originates from, or is sourced via, the West Bank, Jordan Valley, or Golan Heights; the two identified Padani addresses are in Jerusalem and Tel Aviv, and no source reviewed described either as located in a settlement.⁴ Separately, Richemont - as a reported prospective minority participant in a bid for Anglo American’s stake in De Beers (see Investment, Capital & Financial Exposure below) - would gain exposure to De Beers’ rough-diamond sightholder allocation system, a system that has historically included, and in reduced current form continues to include, a small number of Israel-domiciled diamond-manufacturing sightholders; no evidence was identified that this system constitutes a direct or indirect supplier relationship between Cartier/Richemont and any Israeli manufacturer, since Cartier/Richemont is not itself a sightholder and no transaction has been confirmed.^{7, 8, 9}

Product Origin, Labeling & Regulatory Compliance

Settlement-Origin Products: no public evidence identified of any NGO investigation, regulatory citation, or customs-audit finding concerning Cartier- or Richemont-branded goods labeled as being of Israeli origin while sourced from the West Bank, Jordan Valley, or Golan Heights; the Who Profits and AFSC company lists, which together name well over one hundred companies with documented settlement ties, do not include Cartier, Richemont, or Padani.^{1, 2} Richemont’s Non-Financial Report 2026 (published 29 May 2026, for the year ended 31 March 2026), read in full in this research via a text-rendering proxy because the published PDF is encrypted against direct text extraction, sets out country-specific diamond-origin restrictions - stating that “sourcing diamonds of Russian mining origin extracted after February 2022 is prohibited” and that “a restriction on diamonds from Zimbabwe has been in place since 2017” - and describes a CAHRA (conflict-affected and high-risk areas) country-level risk-mapping tool, but contains no restriction, risk designation, or any other mention naming Israel, Palestine, the West Bank, Gaza, or any occupied territory anywhere in the document.¹⁰ The same report states that “experienced craftsmen then process the diamonds by cutting and polishing the rough stones” without naming any country where this cutting or polishing occurs, so no public evidence identified regarding whether any Richemont-sourced diamond is cut or polished in Israel specifically.¹⁰

Labeling Compliance: no public evidence identified of any government advisory, customs audit, or enforcement action concerning Cartier’s or Richemont’s country-of-origin labeling of goods connected to occupied territories.^{1, 2}

Corporate Labeling Policy: Cartier’s own corporate-responsibility page, opened directly, addresses general sourcing-ethics themes but contains no statement specific to the labeling or sourcing of goods from occupied or contested territories.¹¹ Richemont’s own sustainability supply-chain webpage, opened directly, likewise contains no statement, restriction, or mention specific to Israel, the West Bank, Gaza, or occupied territories.¹² Cartier has held Responsible Jewellery Council (RJC) member certification on a renewing basis; its most recently identified certificate, assessed by Mazars under the Code of Practices 2019, was valid from 1 November 2022 to 1 November 2025 and addresses general supply-chain human-rights and labour standards, not the Israeli-Palestinian context specifically.^{13, 14}

RJC Membership Continuity (resolving the 30 March 2022 withdrawal question): Direct review of the RJC certificate for Cartier (certificate no. 0000 4389), opened and read in full as a PDF rather than relied on as a search snippet, confirms it independently: audit date 29 August 2022, audit type “Re-certification,” accredited audit firm “Mazars,” standard “Code of Practices 2019,” and a stated validity “PERIOD: 01 November 2022 - 01 November 2025.”¹⁴ A second, more recent certificate (no. 0000 6457), also opened and read in full, shows Cartier underwent a further re-certification audit on 6 October 2025 by “Forvis Mazars SA” (Mazars’ post-2024 rebranded name), with the new certificate granted 2 November 2025 and valid to 2 November 2028, superseding the 2022–2025 certificate without a gap.¹⁵ These two primary documents directly confirm, rather than correct, the existing audit statement that Cartier’s “most recently identified certificate, assessed by Mazars under the Code of Practices 2019, was valid from 1 November 2022 to 1 November 2025,” and additionally extend that finding forward: Cartier underwent a documented August 2022 Mazars audit and a documented October 2025 Forvis Mazars recertification, exactly as described in the audit characterized by this question as the “one audit” version of events, and Cartier’s RJC-certified status appears continuous and current as of the 2 November 2025 certificate grant date, with no gap since the 2022 certificate.^{14, 15}

Resolution of the 30 March 2022 withdrawal/resumption question: Separately, two press sources confirm that the 30 March 2022 Richemont/Cartier/Kering withdrawal from the RJC (reported in the audit’s existing ¹⁶-¹⁷ sources and also in idexonline.com reporting reviewed here) was reversed within weeks rather than being a permanent exit: an idexonline.com article dated 16 June 2022 states that members who briefly left in late March, including “all Kering and Richemont maisons,” “most rescinded their resignations within a few weeks,” while a sgdx.com article of the same date reports that “Kering and Richemont” - and by extension Richemont’s Cartier maison - rejoined the RJC after the Russia-related protest exit.^{18, 19} This resolves, with a specific confirming date, the status the existing audit records as “unknown” in its Act-record entry for the 30 March 2022 withdrawal (that entry states “whether Richemont or Cartier subsequently resumed Responsible Jewellery Council membership could not be confirmed from sources directly reviewed in this research”): membership was resumed by mid-June 2022, consistent with the subsequent August 2022 re-certification audit documented in the Cartier RJC certificate itself.^{18, 19, 14}

Investment, Capital & Financial Exposure

Foreign Direct Investment: no public evidence identified of any direct capital investment by Cartier or Compagnie Financière Richemont SA within Israel or the occupied territories, including acquisitions, factories, data centers, logistics hubs, or real-estate holdings.^{1, 2, 20} Richemont was reported on 15 October 2026 to be in talks, alongside US retailer Signet Jewelers, to join the Global Diamond Consortium (GDC) - a bidding group led by former De Beers CEO Gareth Penny and named Anglo American’s preferred bidder in July 2026 - for Anglo American’s 85% stake in De Beers, with Richemont not responding to requests for comment and the talks described as advanced but with no guarantee of Richemont joining.^{7, 21} The reported consortium was described as already including Namibia and Angola as members, alongside Antwerp-based diamond manufacturer Pluczenik (which separately confirmed its own bid interest without disclosing stake size), with Botswana - De Beers’ existing 15% shareholder - separately reported to be negotiating to increase its stake to about 25%.^{7, 21} no public evidence identified of any completed transaction, a confirmed Richemont stake, or a disclosed stake size as of the research date; this is recorded as a reported, unconsummated negotiation rather than a verified investment.^{7, 21} One cited analyst view described Richemont as a major end-user of De Beers’ rough-diamond output, giving it “an important voice in the future of the natural diamond industry” were the transaction to proceed.⁷ De Beers’ rough-diamond sightholder allocation system - the channel through which Richemont, as a reported end-user, could gain such influence - has historically included, and continues in reduced current form to include, Israel-domiciled diamond manufacturers as sightholders, though no source reviewed in this research names Cartier, Richemont, or any Richemont maison itself as a current or former De Beers sightholder.^{8, 9} In 2003, the president of the Israel Diamond Manufacturers Association stated that Israel-based companies received only 12 of the 80 sights De Beers allocated worldwide, despite Israel handling an estimated 40-50% of world diamond trade, with Israel receiving De Beers sights worth about $900 million to $1 billion a year against an estimated industry need of $4.5 billion.⁸ In a sightholder-roster reduction reported on 20 March 2026 and taking effect 1 July 2026 - cutting De Beers’ global sightholder roster from 69 to approximately 45 - trade press described only “a handful” of sightholders as remaining in Israel and New York, two historically major diamond-trading centres, though De Beers had not published a named, company-level list for Israel specifically as of that report.⁹ no public evidence identified connecting this diamond-industry-wide sightholder system to any Cartier- or Richemont-specific supply-chain conduct beyond Richemont’s reported interest in a De Beers equity stake, and no source reviewed named any Israeli entity as a party to the Richemont/GDC negotiation itself.^{7, 21, 8, 9}

R&D & Innovation Centres: no public evidence identified of any Cartier or Richemont research-and-development facility, technology partnership, innovation lab, or accelerator programme operated within Israel.²⁰

Parent & Beneficial Ownership Flows: Cartier is a maison of Compagnie Financière Richemont SA, which is chaired by its founder, Johann Rupert, who also serves as Managing Partner of the family holding vehicle Compagnie Financière Rupert, Chairman of Remgro Limited, and Chairman of Reinet Investments Manager S.A.²² No public evidence was identified of any Israel-domiciled holding, investment, or subsidiary within Remgro’s or Reinet’s disclosed portfolios; Remgro’s disclosed technology investments identified in this research are South African (Community Investment Ventures Holding, which holds Dark Fibre Africa and Vumatel), with no Israeli company named.²³ Richemont’s Lead Independent Director since April 2025, Nikesh Arora, is separately Chairman and CEO of Palo Alto Networks Inc. and a non-executive director of Uber Technologies.²⁴ No public evidence was identified of a personal or family-office investment by Arora in an Israeli company; his executive role at Palo Alto Networks is a role at a separate, non-Richemont company and is not treated here as a Richemont corporate act.²⁴

Portfolio & Fund Exposure: A review of disclosed U.S. equity holdings (Form 13F) of the Duquesne Family Office, founded by Stanley Druckenmiller, husband of Richemont non-executive director Fiona Druckenmiller, found a position in Teva Pharmaceutical Industries Ltd - an Israeli company headquartered in Tel Aviv - valued at approximately $21.2 million (625,000 shares) as of the quarter ending in 2026, a position that had been reduced by 73.7% during that quarter.^{25, 26} No other disclosed holding by Cartier, Richemont, or any other named controlling principal in an Israeli-domiciled company, Israeli sovereign bond, or Israel-focused investment fund was identified in this research.^{20, 25}

Financing the State: Not applicable; Cartier and Richemont are not financial institutions, and no public evidence identified of involvement in Israeli sovereign-debt underwriting, Israel Bonds sales, insurance underwriting, or trade-finance facilities to Israeli defence or settlement-active entities.^{1, 2, 20}

Operational Presence & Market Activity

Physical Footprint: no public evidence identified of any Cartier- or Richemont-owned office, sales operation, support centre, warehouse, or retail boutique in Israel or the occupied territories.^{1, 2} The only identified physical retail presence connected to Cartier-branded goods in Israel is through the independent Israeli retailer Padani, listed by Richemont’s Piaget maison as an authorized retailer at Mamilla Avenue, Jerusalem, and Herbert Samuel Street, Tel Aviv,⁴ independently described as carrying Cartier among the brands it represents,³ and which separately offers Cartier servicing on its own site,⁶ and which a Jerusalem Post sponsored-content article identifies as Cartier’s exclusive representative in Israel since 1972.⁵ Cartier’s own global e-commerce shipping policy lists Israel, grouped under a “Europe” heading, among the destinations it ships to without exclusion.²⁷

Employment & Tax Contribution: no public evidence identified of Cartier’s or Richemont’s workforce size or tax/regulatory registration status within Israel; Compagnie Financière Richemont SA does not file annual reports on Form 20-F with the U.S. Securities and Exchange Commission, instead relying on the Rule 12g3-2(b) exemption from registration maintained through its American Depositary Receipt programme, so no Israel-specific operational or employment disclosure of the kind found in SEC-filed annual reports exists for this target.²⁰

Market Positioning: no public evidence identified of Richemont characterizing Israel as a distinct strategic market, minor export market, or regional hub in the investor communications reviewed; Richemont’s own announcement of its FY26 Annual Report discloses results by business area (Jewellery Maisons, Specialist Watchmakers, Other) rather than by individual country, with no Israel-specific breakdown given.²⁸

Corporate Structure & Foundational Ties

Founding & Incorporation History: Cartier was founded in Paris, France, in 1847; its parent, Compagnie Financière Richemont SA, was founded in 1988 by Johann Rupert and is domiciled in Switzerland.²² no public evidence identified that Cartier or Richemont was founded or originally incorporated in Israel, or that either is an acquired entity with Israeli-origin operations or brand identity.²²

Headquarters & Domicile: Richemont’s governance is exercised through its Swiss corporate structure and Cartier’s maison operations are headquartered in Paris; no public evidence identified of any dual or legacy headquarters, or any headquarters function, located in Israel.^{22, 24}

Israeli-Nexus Floor assessment (rubric I-ECON): On the specific factors requested: founding in Israel - no public evidence identified.²² Headquarters or principal place of management in Israel - no public evidence identified.^{22, 24} Israeli tax residency or Preferred Technology Enterprise (PTE) status - no public evidence identified, consistent with Richemont’s confirmed Swiss corporate domicile and its reliance on a U.S. reporting exemption rather than any Israeli tax status.²⁰ Beneficial ownership or control by Israeli capital - no public evidence identified; Richemont’s controlling shareholder vehicle, Compagnie Financière Rupert, is a South African/Swiss family holding structure, not an Israeli one.²² No factor of the Israeli-Nexus Floor was found to be triggered on the evidence reviewed in this research.^{22, 20, 24}

Acquired Israeli subsidiaries (rubric I-ECON - Acquired-Identity): no public evidence identified that Cartier or Richemont has acquired or holds a controlling stake in any Israeli operating company, whether a manufacturer, consumer brand, pharmaceutical/biotech, cyber/technology, food, or infrastructure firm. Richemont’s disclosed acquisitions reviewed in this research - full ownership of the UK-based pre-owned-watch platform Watchfinder.co.uk Limited, acquired 1 June 2018,²⁹ and its former e-commerce platform Yoox Net-a-Porter (YNAP), subsequently sold to Mytheresa’s parent in a deal announced October 2024 with closing expected in the first half of 2025³⁰ - are both domiciled outside Israel, and no source reviewed named an Israeli acquisition target. Accordingly, “no public evidence identified” applies to this sub-category.^{29, 30} A reported, unconfirmed talks process regarding a possible minority participation in a consortium bid for Anglo American’s stake in De Beers (a UK-headquartered diamond company, not an Israeli one) was identified as of 15 October 2026, but this is not an Israeli acquisition and, as a non-consummated negotiation, does not alter this finding.^{7, 21}

State & Institutional Linkages: no public evidence identified of any Israeli state ownership stake in Cartier or Richemont, Israeli government board appointees, Israeli government contracts, or any critical-national-infrastructure designation.^{1, 2, 20} A search pairing Cartier or Richemont with the UN OHCHR database of business enterprises involved in settlement activity did not surface a match, although the full current text of that database could not be independently re-verified in this session beyond confirming the database’s existence and periodic-update process.³¹

Structural Governance Features: no public evidence identified of any governance mechanism - golden share, founder share, or charter restriction - structurally tying Cartier’s or Richemont’s operations to the Israeli state or its policy objectives.²² Richemont does maintain a dual-class capital structure that gives the Rupert family’s Compagnie Financière Rupert outsized voting control, but no source reviewed connects this mechanism to Israel in any way.²²

Named entities, searched by name:

• Compagnie Financière Richemont SA, parent holding company of Cartier - searched for Israel-related business ties; found only the third-party Israeli retail relationship with Padani identified through sibling maison Piaget’s boutique locator, and the reported, unconfirmed De Beers/Global Diamond Consortium talks (not Israel-specific but diamond-industry adjacent), with no other finding.^{4, 20, 7, 21}
• Cartier, the operating maison - searched for Israel-related supply, sourcing, retail, or policy ties; findings are limited to third-party retail via Padani and general RJC/Kimberley Process certification unrelated to the Israeli-Palestinian context.^{3, 5, 13, 14}
• Johann Rupert, founder (1988) and Chairman of Compagnie Financière Richemont SA, Managing Partner of Compagnie Financière Rupert, Chairman of Remgro Limited and of Reinet Investments Manager S.A. - searched by name for personal or family-office investment in Israeli companies; none found.^{22, 23}
• Compagnie Financière Rupert, the Rupert family’s private holding vehicle and Richemont’s controlling shareholder - searched for Israel-related investments; none found.²²
• Remgro Limited, the Rupert-chaired South African investment holding company - searched for Israeli portfolio holdings; disclosed technology investments identified (Community Investment Ventures Holding, Dark Fibre Africa, Vumatel) are South African, none Israeli.²³
• Reinet Investments S.C.A. / Reinet Investments Manager S.A., the Rupert-chaired Luxembourg investment vehicle - searched for Israeli holdings; none found.²²
• Nikesh Arora, Richemont Lead Independent Director since April 2025 (board member since 2017), Chairman and CEO of Palo Alto Networks Inc., and non-executive director of Uber Technologies - searched by name for personal or family-office investment in Israeli companies; none found. His primary executive employer, Palo Alto Networks, has acquired Israeli cybersecurity companies, but this is recorded here only for completeness as an act of a separate company, not of Richemont or of Arora personally.²⁴
• Fiona Druckenmiller, Richemont non-executive director (nominated 2023) - searched by name and by reference to the Duquesne Family Office founded by her husband, Stanley Druckenmiller; disclosed Form 13F holdings included a declining position in the Israeli company Teva Pharmaceutical Industries Ltd, as described above.^{25, 26}
• Cyrille Vigneron, President and CEO of Cartier - searched by name; the only on-record public statement found concerns Russia, not Israel: “It is not part of our Richemont values to be part of an organization in which some members are supporting conflicts and wars,” made 30 March 2022 in connection with Richemont’s withdrawal from the Responsible Jewellery Council.¹⁶ No statement by Vigneron on Israel, Gaza, or the occupied territories was identified in this research.^{16, 32}
• Burkhart Grund, Richemont Group Chief Financial Officer - searched by name; found only the same 30 March 2022 statement on Russia: “If RJC cannot uphold [the] highest of standards, then we cannot be part of that. That’s why we stepped down.”^{16, 17} No statement by Grund on Israel was identified.
• Padani, the Israeli multi-brand luxury retailer (identified in a Bulgari store-locator reference, not independently verified in this session, under the legal name “Padani Jewellers Ltd”) - searched by name; confirmed as a retailer of Cartier- and Piaget-branded goods in Israel, with no evidence identified that it is owned or controlled by Cartier or Richemont.^{3, 5, 4, 33, 34}
• Gareth Penny, former De Beers CEO and leader of the Global Diamond Consortium (GDC) - searched by name as the principal of the entity Richemont is reported to be in talks to join; no personal or family-office Israel-related investment was searched or found, and Penny is not a Richemont controlling principal, so this entity is recorded for completeness only and not as a Richemont group-attribution act.^{7, 21}

Act record:

• Acting entity: Padani. Recipient/beneficiary: Israeli consumers. Channel: third-party confirmation via a Jerusalem tourism publication’s description of Padani’s brand lineup, via Richemont-owned Piaget’s official boutique-locator page, and via Jerusalem Post sponsored content, i.e. a mix of a third-party travel-publication domain, a Richemont-maison domain, and a third-party press domain, not Padani’s own domain and not Cartier’s own domain.^{3, 5, 4} Earliest and latest dated observation in sources directly reviewed: a dated Jerusalem Post article of 14 September 2023 describing a Cartier relationship dating to 1972, a dated iTravelJerusalem article of 1 March 2024 describing Padani as exclusive agent for Cartier among other brands, alongside undated current site content for piaget.com as retrieved on 31 October 2026.^{3, 5, 4} Status: appears to be a continuing, actively maintained retail relationship as of the research date, based on the currently live boutique-locator page and the 2023 and 2024 press/publication accounts, though no dated end point specific to the Cartier element of the relationship could be independently confirmed from the pages directly reviewed.^{3, 5, 4}
• Acting entity: Compagnie Financière Richemont SA, acting through Cartier’s CEO Cyrille Vigneron and Group CFO Burkhart Grund. Recipient/beneficiary: the Responsible Jewellery Council and the public. Channel: public statements to reporters at the Watches and Wonders trade fair, reported on third-party news domains (business-humanrights.org, law.com, businessoffashion.com, nationaljeweler.com), not on Cartier’s or Richemont’s own site.^{16, 32, 35, 17} Earliest and latest dated observation: 30 March 2022, a single dated event.^{16, 32, 35, 17} Status: the withdrawal itself is dated and confirmed; whether Richemont or Cartier subsequently resumed Responsible Jewellery Council membership could not be confirmed from sources directly reviewed in this research, so current status is recorded as unknown rather than assumed continuing or ended.³⁶
• Acting entity: Cartier. Recipient/beneficiary: global customers, including those in Israel. Channel: Cartier’s own corporate website. Earliest and latest dated observation: current site content as retrieved on 31 October 2026. Status: ongoing, in that Cartier’s live shipping policy currently lists Israel as a shipping destination without exclusion.²⁷
• Acting entity: Compagnie Financière Richemont SA. Recipient/beneficiary: the Global Diamond Consortium and the public. Channel: third-party news reporting (Euronext-syndicated Reuters text, Swissinfo), not Richemont’s own site, with Richemont declining to respond to requests for comment.^{7, 21} Earliest and latest dated observation: a single dated report, 15 October 2026.^{7, 21} Status: unknown/unresolved as of the research date - reported as “advanced” talks with “no guarantee” of joining, no confirmation from Richemont, and no later update identified within this run’s scope.^{7, 21}

Constructive notice (Principle 6) and Settlement Nexus (Principle 7): Because no Cartier- or Richemont-owned Israeli operation, settlement-linked retail location, or settlement-sourced product was identified in this research, there is no identified post-19 July 2024 or post-November 2024 conduct of the kind these rubrics are designed to test; the only continuing, dated commercial nexus identified - the independent Padani retail relationship - was not described in any source reviewed as being located in, or sourcing from, the West Bank, Golan Heights, or East Jerusalem.^{4, 3, 5} The reported De Beers/Global Diamond Consortium talks (15 October 2026) post-date both the ICJ Advisory Opinion (19 July 2024) and the ICC arrest warrants (November 2024), but no source reviewed connects that reported negotiation to Israel or occupied territory in any way, so no constructive-notice or settlement-nexus finding arises from it.^{7, 21}

Profit Repatriation & Economic Contribution

Revenue Attribution: no public evidence identified of any Cartier- or Richemont-disclosed revenue figure specifically attributed to Israel as a market; Richemont’s own FY26 annual-report announcement discloses results by business area rather than by individual country, with no Israel-specific figure given.²⁸

Profit Flows: no public evidence identified of any Israeli-domiciled ownership of Cartier or Richemont.^{22, 20} To the extent Cartier-branded goods are sold in Israel through the independent retailer Padani, the documented nature of that retailer relationship (an Israeli retailer carrying brand-owner merchandise for resale) implies that commercial payment flows run from the Israeli retailer to Richemont’s home jurisdiction rather than the reverse, though no company-disclosed financial figures were identified to confirm this and it is stated here as an inference from the retailer relationship rather than as a disclosed fact.^{3, 5, 4}

Economic Ecosystem Role: no public evidence identified of any publicly available assessment, industry report, or Israeli government designation characterizing Cartier or Richemont as significant within any specific sector of the Israeli economy.^{1, 2, 20}