Tiffany & Co. now sources 100 percent of its diamonds from known mines or suppliers with multiple known mines and traces 98 percent of its raw precious metals directly to a mine or recycler, according to the company’s new corporate responsibility report.The report provides an overview of the jewelry company’s most important environmental and social challenges, with a focus on responsible mining and sourcing of its raw materials, ranging from diamonds and gold to the paper in its signature Blue Boxes and bags. It aligns with the Global Reporting Initiative (GRI) G4 “In Accordance – Core” and United Nations Global Compact reporting frameworks.
Tiffany & Co. now sources 100 percent of its diamonds from known mines or suppliers with multiple known mines and traces 98 percent of its raw precious metals directly to a mine or recycler, according to the company’s new corporate responsibility report.
The report provides an overview of the jewelry company’s most important environmental and social challenges, with a focus on responsible mining and sourcing of its raw materials, ranging from diamonds and gold to the paper in its signature Blue Boxes and bags. It aligns with the Global Reporting Initiative (GRI) G4 “In Accordance – Core” and United Nations Global Compact reporting frameworks.
Tiffany says it is working to advance globally recognized mining standards through the Initiative for Responsible Mining Assurance (IRMA). After years of dialogue, IRMA recently released its draft standard for public comment with plans to pilot the standard in 2015. The company also invests in diamond-producing countries, actively advocates for preservation efforts and encourages government oversight. By investing in diamond-producing countries, it is able to maintain a steady supply chain while creating jobs, training unskilled workers and benefitting local economies.
The company purchases rough diamonds only from those countries that are participants in the Kimberley Process Certification Scheme (KPCS). Tiffany’s Board of Directors also adopted a Conflict Minerals Policy, which articulates principles for responsible gold mining to its vendors.
On the packaging front, Tiffany reports that 100 percent of the paper suppliers for its Blue Boxes and bags in 2013 were Forest Stewardship Council (FSC)-certified. In addition, the company’s Blue Boxes and bags are produced with recycled paper.
Cognizant of its carbon footprint, Tiffany set a goal to reduce its global greenhouse gas (GHG) emissions by 15 percent from 2013 to 2020. To help achieve this, the company installed energy efficient LED lighting in retail displays at over 39 U.S. retail locations by the end of 2013. An additional 16 North American locations are planned for 2014.
In February, Tiffany and over 100 of the world’s leading jewelers and retailers committed to more responsible metals sourcing by agreeing to abide by Earthworks' No Dirty Gold (NDG) campaign’s Golden Rules. As part of the initiative, the companies agreed to study their metals supply chains, revise their supplier sourcing criteria to include the Golden Rules, increase recycled gold content and seek more responsibly produced metals.
Published Aug 5, 2014 11am EDT / 8am PDT / 4pm BST / 5pm CEST
Managing Director, Sustainability & Social Impact
Deutsche Bank
Mike Hower is a sustainability communicator and connector committed to helping purpose-driven businesses and people unlock their full potential for positive impact. As founder and principal consultant at Hower Impact, he works with companies to translate sustainability strategy into stories that inform, engage and inspire investors, customers, employees, regulators and other stakeholders in the service of social, environmental and business goals. Through his Impact Hired initiative, he works to connect and engage corporate sustainability professionals at all stages of their careers.
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