Editor’s Note
Tiffany & Co.’s latest CSR report highlights its ongoing commitment to responsible sourcing, from diamonds to its iconic packaging. This summary focuses on the report’s core disclosures regarding key materials and its alignment with global GRI standards.
Jewelry giant Tiffany & Co. published its latest annual CSR report on August 4, marking its fourth such report. The report details the company’s history of CSR efforts, focusing on responsible sourcing and mining of key raw materials. These include diamonds and gold used in jewelry, as well as paper for its iconic blue boxes and bags, which represent the company’s most significant sustainability challenges.
The report is aligned with the G4 guidelines of the Global Reporting Initiative (GRI) and the United Nations Global Compact reporting framework. Tiffany is the first in its industry to incorporate the G4 framework for reporting its ESG performance.
As a sustainability leader in the jewelry industry, the company is striving to develop more responsible mining standards. In 2013, it made significant progress toward developing global mining standards through collaboration with the Initiative for Responsible Mining Assurance (IRMA). IRMA recently released a draft of new standards for public comment ahead of launching a pilot program in 2015.
The company maintains supply chain integrity through active investment in diamond-producing countries, contributing to local economies by creating jobs and providing skills training. It sources rough diamonds exclusively from countries participating in the Kimberley Process Certification Scheme (KPCS).
Uniquely within the industry, Tiffany directly sources from many of the mines supplying its diamonds and precious metals. In 2013, 100% of its rough diamonds came from mines with known origins or from suppliers owning such mines.
All Tiffany blue boxes and bags produced in 2013 were made exclusively from Forest Stewardship Council® (FSC®) certified materials. They are produced from recycled paper, using materials and sourcing methods befitting the iconic Tiffany blue.
Tiffany & Co.’s commitment to CSR is driven not only by a board-level CSR Committee but also personally by Chairman and CEO Michael J. Kowalski.
As part of its environmental commitment, the company has a goal to reduce global greenhouse gas emissions by 15% from 2013 to 2020. To achieve this, it converted display lighting to LED in over 39 U.S. stores in 2013, with 16 more locations scheduled for 2014.
The company is actively engaged in philanthropy, donating over 2% of its pre-tax profits in 2013. Furthermore, The Tiffany & Co. Foundation supports organizations working on responsible mining and coral reef conservation.
The company believes that “Nature is our most important designer” and has been a proactive leader in sustainability within the jewelry industry for many years.