Submitted by: Tiffany & Co.
Posted: Aug 05, 2014 – 12:00 AM EST
New York, NY, Aug. 05 /CSRwire/ - Tiffany & Co. today released its annual Corporate Responsibility Report. The full report can be accessed at the Company’s website (tiffany.com/sustainability) #tiffanycsr) and covers Tiffany’s corporate sustainability initiatives and long history of environmental and social responsibility.
“The report details our strong, industry-leading commitment to business practices that are socially and environmentally responsible,” said Tiffany & Co. Chairman and CEO Michael J. Kowalski. “As leaders in the jewelry industry, we believe there is both a business imperative and a moral obligation to look beyond our own practices to support responsible behavior throughout the entire jewelry supply chain.”
In our fourth year of formal sustainability reporting, our 2013 Corporate Responsibility Report and website has been redesigned and revamped. The Company’s CSR report and website have been redesigned to ensure the information continues to be meaningful, robust and allows us to connect to our diverse stakeholders on the issues they care about.
The 2013 Corporate Responsibility Report provides an overview of Tiffany’s most important environmental and social challenges, with a focus on responsible mining and sourcing of our raw materials, ranging from diamonds and gold to the paper in our iconic Blue Boxes and bags. The following highlights specific areas of the report, which aligns with the Global Reporting Initiative (GRI) G4 “In Accordance – Core” and United Nations Global Compact reporting frameworks. Tiffany & Co. is among the first retailers to use the progressive G4 framework to report on our economic, environmental and social performance.
Responsible Mining: As long-time sustainability leaders in the jewelry industry, Tiffany strives to advance rigorous responsible mining standards. With the Initiative for Responsible Mining Assurance (IRMA), significant progress was made in 2013 toward the development of a globally recognized standard for mining. After years of productive dialogue, IRMA recently released its draft standard for public comment with the plan to pilot the standard in 2015.
Tiffany also invests in diamond-producing countries, actively advocates for preservation efforts and encourages more progressive and effective government oversight. By investing in diamond-producing countries, we are able to maintain the integrity of our supply chain while creating jobs, training unskilled workers and benefitting local economies – all important goals of Tiffany’s sustainability work. The Company purchases rough diamonds only from those countries that are participants in the Kimberley Process Certification Scheme (KPCS).
Unique within the jewelry industry, we have taken an innovative approach to our sourcing by forming direct relationships with many of the mines that supply our diamonds and precious metals. In 2013, Tiffany received 100% of rough diamonds either directly from a known mine or a supplier with multiple known mines, and the Company traced 98% of raw precious metals procured by its manufacturing facilities directly to a mine or recycler.
In addition, the Tiffany & Co. Board of Directors also adopted a Conflict Minerals Policy, which articulates principles for responsible gold mining to our vendors.
Tiffany & Co. continues to raise awareness of the risks associated with the development of the proposed Pebble Mine in Bristol Bay, Alaska. The Company has publicly declared, for many years, that it will not source gold from the Pebble Mine, should it be developed, and applauds the United States Environmental Protection Agency’s responsible and prudent use of its clear authority under the Clean Water Act to protect this extraordinary natural resource.
Paper and Packaging: We are committed to responsibly sourcing not only our jewelry, but also the iconic Blue Boxes and bags in which it is presented. 100% of paper suppliers of Tiffany Blue Boxes and bags in 2013 were Forest Stewardship Council® (FSC®)-certified. In addition our Blue boxes and bags are produced with recycled paper, ensuring the paper for our iconic packaging is responsible sourced.
Governance: Tiffany’s commitment to corporate social responsibility continues to be led by Chairman and CEO Michael J. Kowalski as well as by the CSR Committee of the Company’s Board of Directors.
Building Footprint: Further demonstrating our commitment to developing and exceeding quantifiable environmental goals, Tiffany & Co. set a goal to reduce our global greenhouse gas (GHG) emissions by 15% from 2013 to 2020. Exemplifying our dedication to reducing our environmental footprint in the global locations in which we work, the Company had installed energy efficient LED lighting in retail displays at over 39 U.S. retail locations by the end of 2013. An additional 16 North American locations are planned for 2014.
Our Employees: Tiffany & Co.’s commitment to excellence extends to the commitment we make to our employees and the global communities in which we operate. Our high standards are evident in the way we treat our employees and the benefits offered to them. We continue to report on key metrics, including our diversity and safety figures.
Charitable Giving: Charitable giving is an important part of the Company’s culture. In 2013, Tiffany & Co. made charitable contributions totaling over 2% of pre-tax earnings. Further, The Tiffany & Co. Foundation continues to play a key role in the Company’s sustainability efforts, supporting leading organizations working in areas like responsible mining and coral conservation.
For more details on these highlights and to read the full report, please visit tiffany.com/sustainability.
Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores in the Americas, Asia-Pacific, Japan and Europe, as well as in the United Arab Emirates and Russia. It also engages in direct selling through Internet, catalog and business gift operations. For more information, please visit Tiffany.com.
TIFFANY, TIFFANY & CO., T&CO., the TIFFANY BLUE BOX and the color TIFFANY BLUE are trademarks of Tiffany and Company and its affiliates.
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