The jewelry giant posted a decline in same-store sales in the third quarter but is gearing up for a season of growth.
Tiffany Is Now Sharing the Entire Diamond Journey
In addition to country of origin, the jeweler will tell customers where their diamond was cut, polished, graded and set.
New York—Tiffany & Co. will now tell the full story of the diamonds used in its jewelry.
Beginning in October, the retailer said it will share the “craftsmanship journey” of its newly sourced, individually registered diamonds—those weighing 0.18 carats or larger and have been laser-engraved with “T&Co.” and a unique serial number.
In addition to sharing each stone’s country of origin, which Tiffany started doing at the beginning of 2019, customers now also will be told where their diamond was cut and polished, graded and quality assured, and set in jewelry.
The information will be available through any sales professional as well as printed on the Tiffany Diamond Certificate.
Tiffany started its path toward transparency and charting diamond origin more than two decades ago when it began investing in vertical integration.
The jeweler is now able to offer full transparency on the diamonds because of the way it is set up.
It owns and operates five diamond polishing workshops around the world employing 1,500 workers.
It sources its stones from “trusted suppliers” in 10 countries, including Australia, Botswana, Canada, Namibia, Russia and South Africa.
Tiffany also owns diamond workshops in Belgium, Mauritius, Botswana, Vietnam and Cambodia, as well as the Tiffany Gemological Laboratory in New York and five manufacturing workshops in North America.
“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 Chief Sustainability Officer Anisa Kamadoli Costa.
“We believe that diamond traceability is the best means to ensure both.”
Tiffany’s jump to sharing the entire diamond journey comes a year and a half after it launched its “Diamond Source Initiative,” the program in which the jeweler started disclosing the provenance of its newly sourced, individually registered diamonds.
Under the initiative, Tiffany placed small maps in the showcases of its stores worldwide with pins dropped on the countries from which the jeweler sources its stones, along with a plaque explaining the program.
The retailer also educated sales associates on the program.
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