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RAPAPORT... Tiffany & Co. released its annual corporate responsibility report, covering the retailer's environmental and social responsibility initiatives. The 2013 report and website were redesigned to ensure a stronger connection with stakeholders on the issues they care about. “The report details our strong, industry-leading commitment to business practices that are socially and environmentally responsible,” said Tiffany & Co.'s chairman, Michael J. Kowalski. “As leaders in the jewelry industry, we believe there is both a business imperative and a moral obligation to look beyond our own practices to support responsible behavior throughout the entire jewelry supply chain.” Tiffany & Co. placed a strong focus on the responsible mining and sourcing of raw materials, ranging from diamonds and gold to the paper in its iconic Blue Boxes and bags. Tiffany & Co. also aligns its processes with the Global Reporting Initiative (GRI) G4 “In Accordance – Core” and United Nations Global Compact reporting frameworks.
With the Initiative for Responsible Mining Assurance (IRMA), the jeweler participated in developing a globally recognized standard for mining. IRMA recently released its draft standard for public comment with the plan to pilot the standard in 2015. In diamond-producing countries, Tiffany & Co. advocates for preservation efforts and encourages more progressive and effective government oversight. Tiffany & Co. invests in diamond-producing countries and is able to maintain the integrity of the supply chain, while creating jobs, training unskilled workers and benefitting local economies, according to the firm.
"We have taken an innovative approach to our sourcing by forming direct relationships with many of the mines that supply our diamonds and precious metals. In 2013, Tiffany received 100 percent of rough diamonds either directly from a known mine or a supplier with multiple known mines, and the company traced 98 percent of raw precious metals procured by its manufacturing facilities directly to a mine or recycler," according to Kowlaski. In addition, during 2013, the board of directors adopted a Conflict Minerals Policy, which articulates principles for responsible gold mining to vendors. The jeweler also made very public its opposition to the proposed Pebble Mine in Bristol Bay, Alaska.
As for responsible packaging, Tiffany Blue Boxes and bags were Forest Stewardship Council® (FSC®)-certified, all of which were produced with recycled paper.
Tiffany & Co. set a goal to reduce its global greenhouse gas (GHG) emissions by 15 percent from 2013 to 2020. The company had installed energy-efficient LED lighting in retail displays at over 39 U.S. retail locations by the end of 2013 with an additional 16 North American locations being planned for 2014. In 2013, Tiffany & Co. made charitable contributions totaling over 2 percent of pre-tax earnings. Further, The Tiffany & Co. Foundation continues to play a key role in the company’s sustainability efforts, supporting leading organizations working in areas like responsible mining and coral conservation.
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