One of the worlds largest diamond and jewellery manufacturers and retailers has embarked on a major supply chain transparency transformation, as it looks measure every step of the diamond value chain.
Tiffany & Co. announced in a statement this week that, through its Diamond Source Initiative, it will trace each and every one of its individually registered diamond and make the data available to its consumers to ensure its diamonds are among “the most responsibly sourced in the world”.
The Diamond Source Initiative will represent a major step for diamond transparency and by 2020, Tiffany & Co will disclose the craftmanship journey in an industry first move.
“Diamonds, formed up to 3 billion years ago and brought to the earth’s surface by a miracle of nature, are symbols of the most important moments in our lives. There should be nothing opaque about Tiffany diamonds,” said Alessandro Bogliolo, chief executive officer, Tiffany & Co. “Our clients want and deserve to know where their most valuable, most cherished diamond jewellery is from, and how it came to be.”
The company has more than 1,500 diamond polishing workshops around the world and is one of the only companies to own and operate them directly. It has always sought to ensure “superlative diamond quality and craftmanship” and in sharing the craftmanship journey it can begin to prove that it is doing exactly that.
Currently, Tiffany & Co is committed to 100% geographic transparency for very newly sourced, individually registered diamond and will begin restructuring its Tiffany Diamond Certificate.
“Tiffany & Co. has long been committed to diamond traceability and going above and beyond industry norms to promote the protection of the environment and human rights,” said Anisa Kamadoli Costa, chief sustainability officer, Tiffany & Co. “A transparent journey of responsible sourcing reflects the many positive and far reaching benefits along every step of the diamond supply chain.”