Sustainable and ethical are hot keywords in the luxury industry. In the most recent Human Rights Watch (HRW) study, Tiffany and Co. emerges at the top for their significant efforts and contributions to address human rights risks in the gold and diamond supply chain.
All of Tiffany’ and Co.’s newly mined gold can be traced to a single mine where regular human rights assessments are made. Tiffany is also one of the five companies to establish a code of conduct in their contracts that aligns with the United Nations Guiding Principles on Business and Human Rights.
Suppliers are required to conduct periodic self-assessments of human rights risks. Regular audits are conducted and systems have been created in place to respond to risks in their supply chain to ensure standards are met. Diamonds are only sourced from countries that are full participants in the Kimberley Process Certification Scheme.
Tiffany and Co. has helped launch Initiative for Responsible Mining Assurance (IRMA) and Development Diamond Initiative (DDI) that help formalize and promote responsible artisanal mining in both the diamond and gold sectors. In addition to showing financial support to develop responsible artisanal mines, Tiffany and Co. are also exploring the possibility of sourcing from certified mines when feasible.
Sustainability reports are published annually, including information on actions to achieve responsible mining, ethical sourcing, and approach to supplier audits. Tiffany and Co.’s has publicly announced its source of newly mined gold as Bingham Canyon Mine, owned by Rio Tinto. 27 percent of its gold comes from this single mine and the remaining 73 percent comes from recycled sources sourced from a single supplier. Names of other suppliers have been shared with HRW on a confidential basis.
Apart from such efforts in the supply industry, Tiffany has also taken steps to reduce their environment footprints by sourcing responsibly for their signature blue packaging. To reduce our environmental footprint, sustainably sourced paper and wood-fiber materials are used.
Other brands in the report include Cartier, Chopard and Signet. For the complete list and more details, view the full HRW report.