Business Maverick: Tiffany Will Soon Reveal Everywhere Your Diamond Has Traveled

Beginning in October, the 183-year-old luxury retailer Tiffany 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 project, which the company says is an industry first, took nearly two decades to complete due to the challenges of tracking down sourcing information.

“The diamond industry is still, on the whole, very opaque about the jewelry supply chain,” said Anisa Kamadoli Costa, Tiffany’s chief sustainability officer. 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 say mining is associated with human rights violations. A look at the company’s vast global supply chain, which stretches from Namibia to Cambodia and beyond, shows the challenges of tracking a product that often measures just a few millimeters across.

The company’s diamonds are mined by suppliers in countries including South Africa, Russia and Namibia, then brought to Belgium for sorting. From there, the rough stones travel to countries such as Mauritius, Botswana or Cambodia to be cut and polished, and then head to laboratories in the U.S. and Southeast Asia for grading and quality control. Those that pass go on to Tiffany facilities to be put in jewelry and shipped out to stores. The majority of its diamonds are set at U.S. factories.

ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว

Similar News:คุณยังสามารถอ่านข่าวที่คล้ายกันนี้ซึ่งเรารวบรวมจากแหล่งข่าวอื่น ๆ ได้

Cape Town travel business owners think outside of the box, but fear closure if things don't changeTjaart van der Walt, Fayrous Holliday-October and Tracy Branford were running successful travel and tourism businesses before the nationwide lockdown hit in late March. IOLTravel Level2regulations
แหล่ง: IOL - 🏆 46. / 51 อ่านเพิ่มเติม »

Business Maverick: Dollar Squeeze Chokes Nigeria’s Economy With Recession LoomingNigeria’s foreign-currency shortage is squeezing the life out of Africa’s biggest economy.
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »

Business Maverick: Cartoon Tuesday with RicoCLOSE
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »

BUSINESS MAVERICK: Covid corporate carnage: Sasol posts R90bn lossPetrochemicals giant Sasol just posted a staggering loss of R91.3-bn for the 12 months to the end of June compared with earnings of R6.1-bn the previous year. The Covid-19 pandemic is wreaking havoc across the corporate world with the oil sector among the hardest hit.
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »

Business Maverick: Ex-McDonald’s CEO Fires Back at Chain’s Effort to Strip PayMcDonald’s Corp.’s former Chief Executive Officer Steve Easterbrook fired back at his former company for suing to clawback tens of millions of dollars in compensation, denying company claims he covered up sexual relationships with subordinates.
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »

Business Maverick: Fidelity Assets Under Management Reach Record $3.3 TrillionFidelity Investments’ assets under management reached a record of $3.3 trillion at the end of June, a 15% increase from the year prior, as a surge in stock trading and new accounts helped bring in money.
แหล่ง: dailymaverick - 🏆 3. / 84 อ่านเพิ่มเติม »