Today's customers are becoming increasingly aware of the ethical and environmental impacts that their purchases can have. Ethical buying is increasing, especially among the younger demographics, and many customers choose not to purchase products which have questionable or negative histories before arriving in the store. We see this trend among many industries but it is highly prominent in the diamond industry, which has a notoriously murky reputation. Even diamond companies who attempt to produce ethical products often fail as a result of limited visibility and traceability throughout the supply chain. If you can't prove where a diamond is from, or where it went after being mined, it cannot be proven ethical.
Alessandro Bogliolo, CEO of Tiffany Co. is hoping to change that. Through their efforts to attract a younger demographic, Tiffany Co. has undergone a significant image refresh, but a large investment has also been made to increase the visibility of their diamond supply chain. In the past few years, Tiffany has invested heavily in creating their own diamond plants for cutting and polishing, instead of purchasing from 3rd party suppliers as is the industry norm. This move dramatically increases the visibility and traceability of Tiffany Co.'s diamonds.
By 2020 the company aims to be able to share with customers the entire journey of their diamond, from the mine to the store. They will also be exclusively purchasing diamonds with known and traceable origins, regardless of whether or not the diamond meets the current industry norms. The hope is that by transitioning to increased visibility, Tiffany Co. can bring better trust to customers, and encourage other brands in the industry to follow suit. "This is our duty, as a leader in diamonds, to provide customers with this information," says Bogliolo.