The Lazurit Jewelry Company was founded in 1992 in Irkutsk, Russia. The partnership of two families, the Ivanov and Yudin families, was welcomed as the first entrepreneurial group to privately own a jewelry company in Siberia. Their vision was based upon offering a wide selection of fine jewelry and unparalleled customer service.

With its competitive pricing policy and focused customer service, Lazurit’s clientele began to grow. This growth allowed the company to open additional stores and offer a larger variety of luxury items including elegant silver sets, statuettes and watches. They also began to focus on providing exquisite and customized delicate jewelry pieces that are handpicked or designed to meet customers' tastes and expectations for elegance, uniqueness and unsurpassed craftsmanship.

The first customers were welcomed in 1993 to Lazurit’s first store, Sapphire, on Gorky Street. As strong customer relations formed and demand grew, the partners decided to target a broader market in the Irkutsk region. The second store, Russian Gem, opened its doors on K Marx Street in April of 1998. Lazurit’s third store, Sapphire, was inaugurated in 2003 and is also located on K Marx Street. It is currently Irkutsk’s newest and largest store according to Irkutsk Region Book of Records.

In 2004, Lazurit’s three stores were fused under one name and are now part of the Sapphire stores. With over 500 sq. meters of combined showroom, the Sapphire stores comprise the largest jewelry company in the region.