Tiffany Will Soon Reveal Everywhere Your Diamond Has Traveled - Markets news - KOTLYARS.COM

Tiffany Will Soon Reveal Everywhere Your Diamond Has Traveled

Tiffany & Co. wants to ease customers’ concerns about human rights abuses in the diamond industry by providing them with an unprecedented amount of detail about the precious stones it sells. Beginning in October, the 183-year-old luxury retailer will provide expanded origin details for newly sourced, individually registered diamonds that trace the stone’s path from the ground to the jewelry case.


The jewelry market, now reeling from a precipitous drop in demand amid the Covid-19 pandemic, remains murky even after decades of reform over concerns about human rights abuses at mines and factories. The sector has annual sales of about $80 billion, according to De Beers. Tiffany said it doesn’t acquire diamonds from “areas of concern,” such as Zimbabwe and Angola, where international observers


The new disclosures -- which include details on where a stone was mined, sorted, graded, cut and set -- expand on Tiffany’s effort last year to begin providing the country of origin for its diamonds. The jeweler increased its headcount by more than 2,000 from 2017 to 2019, mostly in diamond facilities abroad and domestic jewelry manufacturing, and developed systems to track individually-registered


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2020-08-31