A gift for future generations

For more than 20 years, Tiffany & Co. have been investing in the sustainability and vertical integration of their supply chain. This year, Tiffany & Co. introduced the Diamond Source Initiative to share information about how they responsibly source their diamonds directly with customers. There can be nothing opaque about a Tiffany & Co. diamond, Ms Costa insists, pointing out a key challenge that they are attempting to tackle head-on: “Quite often complex global supply chains haven’t caught up yet with customer—or even company—demands for greater transparency and traceability,” she says. “We knew that was the case with the diamond industry and that’s why we realised long ago that our best means of ensuring a socially and environmentally responsible supply chain was to control as much of it as possible. My hope is that our Diamond Source Initiative will be an important key for our customers but also that it will bring more transparency to the industry overall, which I think is badly needed.”

We knew that was the case with the diamond industry and that’s why we realised long ago that our best means of ensuring a socially and environmentally responsible supply chain was to control as much of it as possible. My hope is that our Diamond Source Initiative will be an important key for our customers but also that it will bring more transparency to the industry overall, which I think is badly needed.

Just as we care about the provenance of the food we put on our plate, so customers want to know the full picture of a diamond’s journey from mine to product. “It’s something that we’re more and more aware of: How something was made, who it was made by, were they paid a fair and living wage? When it comes to jewellery—particularly Tiffany jewellery, which is about helping to celebrate some of life’s most precious moments—it’s not only natural but critically important that one understands that. And then, what’s the positive impact that this purchase is making?”

While Tiffany & Co. have complied with the Kimberley Process (which guarantees that diamonds are not “conflict diamonds”, financing violence by rebel movements and their allies or seeking to undermine legitimate governments) since it took effect more than 15 years ago, Ms Costa says that the scheme doesn’t go nearly far enough and fails to consider human rights violations that can still occur within so-called legitimate governments. For that reason, Tiffany & Co. go that step further, adding their own expectations, values and priorities by supporting those involved at every stage of the journey in creating their jewellery: Ensuring they are paid an equitable wage and that human rights are a key consideration. Beyond its Diamond Source Initiative, they are also founding signatories of IRMA (Initiative for Responsible Mining Assurance), a “groundbreaking standard for responsible mining which provides the world’s first shared definition of leading practices for large-scale companies.

"We wanted it to be a very collaborative process between mining companies, downstream users of mined product, NGOs, labour unions, respective communities, the mining industry…” explains Ms Costa. “From a governance perspective, it’s very important because you have these very disparate communities with an equal say over the governance and the management of this mining certification system. That’s what we want to subscribe and hold ourselves to: the highest bar standard out there.”

But sustainability doesn’t just apply to materials, processes and business practices—it is inherent to the very concept of gifting a diamond or jewellery from Tiffany & Co. These pieces are cherished and passed down from generation to generation… and create their own legacy.

From a governance perspective, it’s very important because you have these very disparate communities with an equal say over the governance and the management of this mining certification system. That’s what we want to subscribe and hold ourselves to: the highest bar standard out there.

With customers increasingly considering the narrative of everything they buy—caring about the materials used, the craftsmanship and every detail of the making process—value points to something deeper than a price tag. In the case of a diamond jewellery, not only is it made to last, it is intended to be passed on from generation to generation. “I think that’s really important from a sustainability perspective,” says Ms Costa, “because, unlike a lot of other luxury items that do end up getting thrown away or even a textile that is recycled, there is a durability to our product that is really critical—and that is needed in the world today.”

Indeed, Ms Costa adds that customers even hold onto their signature Tiffany & Co. bags and boxes—all sustainably produced with recycled materials.

This approach to a consistent legacy of sustainability is simple: Every stage of the process demands a respect for the natural environment to maintain the quality of the product. “In actual fact we reject 99.96% of the world’s gem-quality diamonds, and I think that says a lot about our standards overall,” Ms Costa says. “Those standards are really reflective of who we are as a business and how we work to integrate sustainability across the various areas of our company—and how we try to use the power of the Tiffany voice to speak out on certain issues that are important to us, even outside of our industry.”

A long history in supporting conservation projects—particularly through the Tiffany & Co. Foundation, which is entering its 20th year and has to date awarded more than $80m in grants—is part of a wider mission to preserve the world’s most treasured seascapes and landscapes, understanding that there is an inextricable link between all aspects of the planet’s health and our own well-being. In short, it’s about building a sustainable business model in every sense. “There is something really special about the Tiffany brand that has lasted 180 years, and I know will last over 180 years in the future.”