Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Tiffany Is Now Telling Consumers the Origin of Its Diamonds
Next year, the jeweler will start sharing information on where stones were cut and polished.
There’s now a map inside with 10 pins dropped on countries from Canada to Australia above a plaque that reads: “In keeping with our commitment to responsible sourcing, we now provide provenance information for every newly sourced, individually registered diamond we set, a significant step for diamond transparency.”
The plaque and the map—both with touches of Tiffany blue, of course—are part of what the jeweler is calling the “Diamond Source Initiative,” which it rolled out worldwide last month.
Now when customers come into any of Tiffany’s 300-plus stores, salespeople will be able to tell them the country of origin for most “individually registered” diamonds—diamonds that are 0.18 carats or larger and have been laser-engraved with “T&Co.” and a unique serial number.
There are, of course, a couple exceptions.
Diamonds sourced from De Beers, which does not segregate production from its various mines in southern Africa and Canada, will be labeled “Botswana sort.” Most of the stones, Tiffany said, were mined in Botswana, with some originating from mines in Namibia, South Africa and Canada.
For diamonds that pre-date the program’s rollout, Tiffany said it will provide confirmation to consumers that the diamond was sourced responsibly.
Tiffany started sharing diamond origin in its stores on Jan. 9, though it could have begun doing so years ago.
Andy Hart, Tiffany’s senior vice president of diamond jewelry and supply, said former Chairman and CEO Michael Kowalski started Tiffany down the path of charting diamond origin in the late ‘90s.
In 2002, Tiffany established Laurelton Diamonds, the jeweler’s rough sourcing arm that is a De Beers sightholder, and a client of Alrosa and Canadian miner Dominion Diamond.
In 2003, it began laser-inscribing its diamonds with unique serial numbers that are recorded in a database that contains information about each stone’s journey from mine to market.
So, why wait until now to start sharing source information with consumers?
“For a long time, we felt we were doing it because it was the right thing to do, and it was good for the company and it was good for the industry,” Hart said. “I think our customers deserve to know what is going on behind the scenes.”
“We just felt like now was the right moment in Tiffany’s history to disclose the origin to our customers,” he said. “We really believe in the rarity and the incredible nature of diamonds. Diamonds grown in the lab have important uses in particular contexts and are going to perhaps have a greater use in the in the jewelry industry.”
But, Hart said, Tiffany won’t be using the stones in its jewelry.
“Natural diamonds create opportunity for people in countries where diamonds are a natural resource, such as Botswana. We believe in the opportunity to make, and we are making, a positive impact in those local communities.”
The Latest
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Despite the rising prices, consumers continue to seek out the precious metal.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.