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Tiffany to Track Diamonds Down to the Mine
Sep 24, 2020 9:49 AM
By Rapaport News
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RAPAPORT... Tiffany & Co. plans to achieve 100% traceability of diamonds and precious metals in the coming years as part of a sustainability pledge it released this week.
The retailer aims to track all diamonds weighing 0.18 carats or more to the mine of origin or its suppliers’ approved mines by 2025, it said Tuesday. It also plans to trace all gold, silver and platinum to the mine or recycler by 2021, and ensure all key materials for products, packaging and store interiors are responsibly sourced by 2025.
The move builds on Tiffany’s existing policy of sharing the geographical provenance of its diamonds down to the country of region. Starting in October, it will also disclose where stones underwent cutting, grading and setting.
“The bar for sustainability leadership continues to rise, and we cannot rest on our laurels,” said Anisa Kamadoli Costa, chairman and president of the Tiffany & Co. Foundation, which handles the jeweler’s philanthropic efforts. “It is critical for us to have a strong plan in place to guide our actions and show how we are continuing to work towards creating a positive impact on people and the planet.”
The 2025 Sustainability Goals are based on an assessment of the company’s social and environmental impact and are aligned with the United Nations’ Sustainable Development Goals, Tiffany explained.
By 2025, Tiffany also plans to be the “most inclusive” luxury brand and have a management team that more closely reflects its entire US workforce. By 2023, everyone at manager level or higher will have participated in leadership-development opportunities.
Meanwhile, the company plans to achieve net-zero greenhouse-gas emissions by 2025. Starting in 2021, all key new construction and other building work will meet Leadership in Energy and Environmental Design (LEED) silver certification or higher. The company intends to eliminate single-use plastic packaging by 2025.
Image: Tiffany’s flagship store Sydney, Australia. (Tiffany & Co.)
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Tags:
Anisa Kamadoli Costa, Rapaport News, sustainability, Sustainable Development Goals, Tiffany, Tiffany & CO., traceability, United Nations
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