Diamonds are transparent as Tiffany introduces provenance tool
Tiffany & Co. is introducing a new provenance tool as it strives to meet its 2020 goal of making the entire journey of its stones transparent. The Diamond Source Initiative will share the origin of all of its mined diamonds which are larger than 0.18 carats. “We are ushering in a new era of transparency for diamonds,” said Tiffany’s chief sustainability officer Anisa Kamadoli Costa. “This is something we have long been working on — the sustainable, vertical integration of our supply chain.” The provenance of each stone will be proven by the engraving of a unique serial number, which will not be visible to the human eye. When customers purchase a piece of jewelry featuring the stone, they will receive a certificate that verifies its origin. The new tool is part of a sustainability goal wherein by 2020, the brand hopes to be able to track and share the entire craftsmanship journey of all of its stones, from where they are mined to where they are cut and polished. By launching this tool, Tiffany is aiming to attract younger consumers who are keen to better understand where their purchases come from, and whether they meet their sustainable standards. Millennial consumers are also showing a growing interest towards lab-grown diamond stones, which have a lower carbon footprint than their mined counterparts, while also historically not being linked to conflict. Tiffany is not the first jewelry brand to initiate a diamond provenance tool, however. In January 2018, DeBeers partnered with IBM to pilot a blockchain tool that could trace the entire journey of its diamonds, ensuring they are conflict-free and natural.