Jewellery giant almost doubles contribution to emerging economies.
Tiffany & Co believes it boosted the economies of diamond-producing countries by $90 million last year, up 43 percent over 2011.
Sub-Saharan Africa was the major beneficiary, with diamonds valued at $63 million sourced from Botswana, Namibia and South Africa.
Details of the jeweller’s global procurement were published in the company’s 2012 Corporate Responsibility Report, which also outlined its commitment to transparency along its entire supply chain.
The company claims it was able to trace 98% of the metals it used to a named mine or recycler and 100 per cent of diamonds to a known mine or supplier with multiple known mines.
In a foreword to the annual report, Tiffany chairman and CEO Michael Kowalski, said that corporate responsibility is not just good for employees, suppliers and the environment, it is also good for business. “Through our initiatives to ensure the protection of the environment, respect for human rights and support for the communities in which we operate, we aspire to conduct our business in a manner we all can be proud of. Those practices have become an integral part of the Tiffany brand promise. It is not only the right thing to do; it is the smart thing to do. It distinguishes us from our competitors, resonates with our customers and creates long-term value for our shareholders,” he said.
Tiffany & Co was a founding member of the Responsible Jewellery Council in 2005. It was added to the FTSE4Good Index in 2012 which identifies businesses that meet globally recognised corporate social responsibility standards.