Tiffany's Canadian Cutting Facility Opens for Business
Tiffany & Co.'s Laurelton Diamonds cutting facility opened this week in Canada's Northwest Territories, marking the luxury retailer's official entree into the cutting and polishing sector.
The 12,000-square-foot state-of-the-art factory is designed to accommodate 75 employees.
"Laurelton Diamonds is an important link in a chain of supply that gives us more control over the sourcing of our diamonds," Tiffany & Co. Chairman Michael J. Kowalski said. "This new facility also helps achieve our stated objective of providing meaningful economic opportunities to the local community and establishing closer ties to our Canadian partners."
In 1999, Tiffany purchased a 14.7 percent equity investment in Canada-based Aber Diamond Corp., a 40 percent owner of the Diavik Diamonds Project in the Northwest Territories. At the same time, the retailer agreed to purchase a minimum of $50 million in diamonds, subject to Tiffany's quality standards, annually for 10 years. The first batch of diamonds mined under the contract were delivered in March.