Tiffany to Share Full Provenance of Its Diamonds

RAPAPORT... Tiffany & Co. will give consumers full details of each diamond's route from mine to jewelry, encompassing therough's origin as well as the locations of cutting, grading and setting.Beginning in October, the US retailer will share the story of each newly sourced diamond weighing 0.18 carats or more, it announced Tuesday. This builds on its existing practice of disclosing the regions or countries in which its diamonds were mined, which has been in place since 2019."Disclosing the country where each stone is crafted and set in jewelry marks an industry first," the company said. "By taking transparency to a new level and sharing the full craftsmanship journey of its diamonds, Tiffany reinforces the brand's commitment to ensuring that every step in the journey of its products contributes to the well-being of people and the planet."Unlike most major retailers, Tiffany sources the majority of its diamonds as rough and only buys around 10% to 20% of polished above 0.18 carats externally. Tiffany's "vertically integrated" model was a key factor prompting LVMH to show interest in buying the New York brand.Many of Tiffany's diamonds originate from mines in Australia, Botswana, Canada, Namibia, Russia and South Africa, the jeweler added, noting that it prohibits goods from "areas of concern," such as Zimbabwe and Angola. The 80% to 90% of diamonds it sources internally go initially to Antwerp, where they are recorded and sorted for size, color, clarity and fluorescence, Tiffany explained.The company then maps out a design, and the goods travel to its owned or approved cutting-and-polishing workshops in Mauritius, Botswana and Vietnam, and Cambodia, as well as in Antwerp, before reaching Tiffany's in-house laboratories in the US, Cambodia and Vietnam for evaluation and quality assurance. The retailer then sets most of its diamonds into jewelry at its workshops in the US, and places the final product in the company's famous blue box and bag.Consumers will be able to find out the provenance details from salespeople at stores, and it will also appear on Tiffany's own diamond certificates. "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 Anisa Kamadoli Costa, the retailer's chief sustainability officer. "We believe that diamond traceability is the best means to ensure both."Image: A Tiffany diamond engagement ring. (Shutterstock)