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TIFFANY & CO. MAKES DIAMOND TRACEBILITY A CENTRAL PLANK OF ITS MARKETING STRATEGY

 

One of the world’s most recognizable jewelry brands, Tiffany & Co.,  has announced that it will be making diamond traceability a central component of it marketing strategy, by mapping out for customers the journey taken by any polished stone larger than 0.18 carats, from the mine through to the retail store.

Following its announcement in 2019 that it would become the first global luxury jeweler to provide the provenance — meaning region or country of origin — of individually registered diamonds, Tiffany will now add to that information details about where each stone is cut and polished, and then set in jewelry. This will be available from any Tiffany sales representative, as well as being printed on the Tiffany Diamond Certificate.

Claiming this to be an industry first, Tiffany says it is taking transparency to a new level and reinforcing the brand’s commitment to ensuring that every step in the journey of its products contributes to the well-being of people and the planet.

“Our customers deserve to know that a Tiffany diamond was sourced with the highest standards, not only in quality but also in social and environmental responsibility,” said Anisa Kamadoli Costa, the company’s chief sustainability officer.  “We believe that diamond traceability is the best means to ensure both.”

SIX TRACEABLE STEPS

Tiffany’s lists six steps in the journey taken by any of the diamonds sells. The first is being responsibly sourced from a trusted producer, from Australia, Botswana, Canada, Namibia, Russia and South Africa. According to the company it avoids buying goods from areas of “concern,” such as Zimbabwe and Angola.

Step 2 takes place in Antwerp, Belgium, where each individual rough diamond’s origin is recorded, and sorted for size, color, clarity and florescence, before its design is plotted.

Step 3 involves the cutting and polishing cuts process, which the company carries out in its own factories, in Mauritius, Botswana and Vietnam, Cambodia or Belgium. The company also procures select polished diamonds from trusted suppliers.

Step 4 involves grading and quality control, conducted at one of the Tiffany Gemological Laboratories in the United States, Cambodia or Vietnam, and Step 5 involves the setting of the stone, mostly at a Tiffany workshop in the United States.

The six steps listed by Tiffany & Co. in the journey taken by any of the diamonds the company sells.

Step 6 literally involves the finished piece of jewelry being placed in a Tiffany Blue Box, made with paper from sustainable sources, including recycled materials.

Information about the provenance and details about where each stone is cut and polished will be printed on the Tiffany Diamond Certificate accompanying a piece of jewelry.

DRIVEN BY ECONOMICS OR ALTRUISM?

In its statement announcing the full traceability program, the company emphasized its “long-standing commitment to conducting its business responsibly, sustaining the natural environment, prioritizing diversity and inclusion, and positively impacting the communities in which we operate.”

Critics, however, while not questioning the integrity of the merchandise being sold, point out that system that has been introduced could only be managed by a vertically integrated firm with the considerable resources held by A publicly listed company such as Tiffany & Co.

It currently has a workforce of more than 14,000 employees, including almost 5,000 skilled artisans who cut diamonds and craft jewelry its own workshops, and more than retail stores worldwide.

Smaller companies, the critics note, are dependent on the services provided by outside vendors and contractors, making traceability considerably more difficult, although not impossible. But Tiffany’s insistence on restricting rough supply to countries of low concern mean that artisanal miners are deliberately left out of the loop, even though they are typically those who are in the direst need of development assistance. Tiffany’s traceability program may have more to do with marketing value than altruism, the critics say.

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