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

US NET POLISHED DIAMOND IMPORTS FOR SEPTEMBER DOWN 50.7%

American diamond traders were after pricier items in September, but purchased less of them, according to the latest government figures.

Net polished diamond imports by the US in September totaled $116 million, a sharp drop of 50.7% when compared to August 2011 and 55.1% compared to September 2010.

Gross polished diamond imports of $1.8 billion in September are a 22.3% year-over-year increase and a 9.6% growth from August 2011.

The volume of gross imports declined however by 6.3% to 1.1 million carats. Compared to August, imports increased by 2.3%.

Year-over-year, the average value of gross imports shot upwards by 30.5% to $1,645.29 p/c. Compared to August, the average value increased by 7.2%.

Gross exports of 1.5 million carats worth $1.68 billion are a one percent decline in volume but a 36.2% jump in the value, compared to September 2010. Month-over-month, exports decline 10.1% by volume and increased 21.7% in value.

The average value of gross exports leaped 174.1% year-over-year and a surprising 35.3% compared to August.

-Rapaport

50-CARAT DIAMOND SELLS FOR “RIDICULOUSLY LOW” PRICE AT TORONTO AUCTION

A 50-carat diamond auctioned in Toronto on Sunday fetched only $2.7 million, a fraction of its estimated value of $10 million, the Toronto Star reports.

Kashif Khan, managing director of Ritchies Auctioneers, called the price “ridiculously low.” Nevertheless, he noted, the $2.7 million figure ($3 million including commission) was still the highest price ever fetched by a diamond at a Canadian auction.

Comparatively little is known about the diamond itself, which was put up for sale by its Belgian owner.

-The Israeli Diamond Industry

Christie's Creates 'Online Only' Sale of Select Items from Elizabeth Taylor

Christie's will open registration for an online only portion of its Elizabeth Taylor auction on November 18 at www.christies.com/etonlineonly.

The online portion of the larger sale, which will be held December 13 through 16, will include close to 1,000 lots of fine and costume jewelry, fashion items, accessories and memorabilia. Estimates start as low as $100 and bidding begins December 3 and runs through December 17.

Highlights from the online portion of the auction went on view at Moda Operandi and include items such as a Ruser hummingbird brooch, Chaumet ring, Valentino ear clips, Chanel sautoirs and ear clips just to name a few top designer items.

"The online-only sales provide an additional means for her legions of collectors and fans to participate in the auctions, no matter where they live," said Marc Porter, the chairman of Christie's Americas.

The online sale will enable continuous bidding during the period.

-Rapaport

Stolen Craigslist Pearls Recovered

Earlier this week, Lisa Hutson reported on a couple in Enola that had fallen on hard times, and to pay bills they decided to sell a precious necklace.

In effort to pay bills, Tina Golden decided to sell her pearl necklace worth $1,500. They quickly found a buyer on Craiglist, using a PayPal account that promises to be one of the safest forms of internet payment.

"I got an email from them saying the money was there, that it would be released in three hours and that everything was fine. Everything wasn't fine. The money was not released to my account and when I contacted PayPal, they said they didn't know anything about it," says Tina Golden.

The damage had already been done. Following PayPal guidelines, they had already sent the necklace to an address in California. The couple was left without the money, and without the pearls.

However, Today's THV learned today that the pearls have been recovered.

Tim and Tina Golden say they have been contacted by the San Bernadino Police Department in San Bernadino, California. Police told the Goldens they're conducting a sting operation involving internet scam artists. The Golden's $1,500 pearl necklace has been recovered. A fabricated PayPal site scammed the couple when they posted the pearls on Craigslist.

The couple expects the pearls to be returned in the next few days.

-Todaysthv

Ben Bridge Creates 'Wedding of the Century' Promo for 100th Anniversary

Ben Bridge Jeweler is celebrating its 100th anniversary with a $100,000 "Wedding of the Century Sweepstakes," which offers engaged couples a chance to win a dream wedding package complete with jewelry and a honeymoon to South Africa. Contestants enter and "like" the Ben Bridge's Facebook page, fill out the contest entry form, upload a photo and then spread the word with friends to encourage voting. The event closes on Valentine's Day, February 14, 2012.

Fifth generation family member, Lisa Bridge said, ''For five generations, Ben Bridge has helped couples celebrate engagements, weddings, birthdays and anniversaries. Being 'your personal jeweler' for 100 years made creating the Ben Bridge $100,000 Wedding of the Century the perfect way to celebrate our customers' lives – and our anniversary."

Those couples who enter and have encouraged the most voting will help their chances of winning, according to the rules. Even those who are not planning to get married may be eligible to win one of 3,000 $25 Ben Bridge gift cards. When the sweepstakes closes at 9 p.m. PDT on Valentine's Day one couple will win the grand prize package, which includes $30,000 in bridal jewelry, plus a cash prize as well as an exotic honeymoon trip to South Africa sponsored by Forevermark.

Ben Bridge said that 100 couples in all could be eligible for wedding-themed jewelry prizes.

-Rapaport

LVMH Acquires ArteCad

LVMH Moët Hennessy Louis Vuitton acquired all shares of ArteCad SA, a manufacturer of Swiss watch dials. The transaction will enable LVMH to further reinforce its industrial integration in watch-making and its independence in the strategic area of watch dials. LVMH already produces mechanical movements as well as cases, dials and bracelets.

ArteCad currently employs 215 at its main facility located at Tramelan, Switzerland, and manufactures more than 350,000 watch dials a year. The company supplies LVMH brands and others, which it will continue to do. Since 2004, ArteCad has been owned and managed by Philippe Hubbard and Christophe Gouthier, both of whom will continue to serve as co-directors.

-Rapaport