Tiffany Publishes Corporate Responsibility Report

Tiffany & Co. published its corporate responsibility report, online, www.tiffany.com/sustainability, detailing its accomplishments as well as continuing challenges this past year and its agenda for social change moving forward. The report provides insight into Tiffany’s corporate standards and operations regarding the sourcing of precious materials.

Website visitors learn that gold, silver and platinum used in Tiffany’s workshops are sourced from responsibly mined metal deposits and recycled sources in the U.S. to minimize environmental and social risks. In addition, Tiffany works with non-governmental organizations as well as the mining and jewelry industries to improve mining standards, and is working to protect areas such as Bristol Bay, Alaska.

''Our position as a leader in the luxury jewelry market gives us the opportunity and the responsibility to set an example for the industry and to conduct our business in a manner that is consistent with our core beliefs—protection of the environment, respect for human rights and support for the communities in which we do business,'' said Tiffany & Co.'s chairman, Michael J. Kowalski.

Tiffany lays-out the specifics of its diamond supply chain in the report and describes how the company works to purchase diamonds -- either directly from a mine or a supplier that only sources from known mines. ''Believing that diamonds should benefit the economies and societies of diamond-producing countries, Tiffany has invested in manufacturing operations, as well as employee development and training programs at Tiffany & Co. cutting and polishing facilities in Belgium, Botswana, Mauritius, Namibia, South Africa and Vietnam,'' the company explained.

Tiffany supports the communities where it operates through The Tiffany & Co. Foundation and corporate giving programs. In 2010, Tiffany donated close to 2 percent of pre-tax earnings to charitable purposes. Tiffany’s conservation efforts extend to its packaging as well. The online report states that Tiffany's blue bags and boxes are manufactured with materials certified by the Forest Stewardship Council (FSC), an independent, non-governmental organization established to promote the responsible management of the world’s forests. Catalogues are also produced using 99 percent FSC-certified materials.

In addition, this past year Tiffany & Co. joined the United Nations Global Compact, a strategic policy initiative for businesses that are committed to aligning their operations and strategies in the areas of human rights, labor, environment and anti-corruption and uses the report to communicate on its progress. Future reports will show progress and year over year performance comparisons.

-Rapaport