Submitted by: Tiffany & Co.
Posted: Aug 30, 2018 – 11:00 AM EST
NEW YORK, Aug. 30 /CSRwire/ - Tiffany & Co. published its eighth annual Sustainability Report, highlighting the company’s ambitious social and environmental commitments, its latest progress and leadership in corporate responsibility.
“Sustainability lies at the heart of the Tiffany & Co. brand—it’s both our legacy and our future,” said Alessandro Bogliolo, Tiffany & Co. chief executive officer. “We focus a great deal on legacy and luxury, and there is no greater luxury than being able to gift future generations with unspoiled, natural wonders and wide open opportunity. This is the legacy Tiffany is building.”
The 2017 report simultaneously highlights Tiffany & Co.’s longstanding and most recent commitments, and it describes how the company is working to affect positive change beyond its business to shape the future of the luxury industry.
Highlights from the 2017 Sustainability Report include Tiffany & Co.’s progress in:
Promoting responsible mining:
o 98% of raw precious metals traced directly to a mine or recycler.
o 100% of rough diamonds sourced directly from a known mine or from a supplier with a limited number of known mines.
o Helped create the Initiative for Responsible Mining Assurance’s Standard for Responsible Mining, defining, for the first time, what constitutes leading practices in social and environmental responsibility for large-scale mining operations.
o Received a “Strong” ranking from Human Rights Watch for responsible sourcing of diamonds and gold—the only jeweler to earn this designation.
Investing in people and livelihoods:
o 98% of international manufacturing workforce hired from local communities.
o Over $40 million contributed to Botswana’s local economy through the purchasing and processing of goods and services, including rough diamonds.
o Signed the United Nations Women’s Empowerment Principles to empower women in the workplace, marketplace and communities.
o Over the past decade, pioneered an innovative approach to determining living wage that takes into account the real local cost of living in a specific location.
o Recognized as one of the “Best Places to Work for LGBTQ Equality” by the Human Rights Campaign Foundation.
Combating climate change, and protecting natural landscapes and wildlife:
o 84% of global electricity use came from clean, renewable sources. o Invested in a carbon offsets project in Kenya’s Chyulu Hills that conserves the forest, while delivering social and economic benefits to local communities.
o Since its establishment in 2000, The Tiffany & Co. Foundation has awarded over $75 million in grants including support for responsible mining and coral and marine conservation efforts.
o Publicly advocated for the U.S. to remain in the Paris Agreement on climate change and for the U.S. to protect its important National Monuments.
o Raised more than $1 million in 2017 alone from the Tiffany Save the Wild collection to support the Elephant Crisis Fund’s anti-poaching, trafficking and demand reduction efforts.
Tiffany & Co.’s sustainability commitments closely align with several of the UN Sustainable Development Goals, which are intended to help the world end poverty, protect the planet and ensure prosperity for all. The 2017 report outlines how Tiffany is supporting progress on Gender Equality (Goal 5), Responsible Consumption and Production (Goal 12), Climate Action (Goal 13), Life Below Water (Goal 14) and Life on Land (Goal 15).
Tiffany & Co. reports in accordance with internationally recognized frameworks including the GRI Standards and the 10 Principles of the United Nations Global Compact. PricewaterhouseCoopers (PwC) also assures a subset of metrics in the 2017 report.
“Tiffany has a long history of caring for the Earth, which provides the raw materials and inspiration for so many of our creations, and we also value the people behind our business,” said Anisa Kamadoli Costa, chief sustainability officer, Tiffany & Co. “This legacy drives our commitment to integrate sustainability deeper into every aspect of our business so that we can bring positive value to our company, our industry and the world.”
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