"The report details our great contribution to building socially and environmentally responsible business practices," said Tiffany & Co. CEO. Michael J. Kowalski. "As a leader in the jewelry industry, we believe that expanding social commitments and supporting responsible business throughout the jewelry supply chain is both a market demand and a moral obligation."
Tiffany & Co. pays great attention to the responsible extraction and supply of raw materials and materials - from diamonds and gold to the legendary blue boxes for the packaging of goods and bags.
Tiffany & Co. will coordinate its business processes with the standards of the Global Reporting Initiative (GRI) G4 "In Accordance - Core" and the UN Global Compact reporting system.
In the framework of the Initiative for Responsible Mining Assurance (IRMA), the jewelry company participated in the development of the world-wide recognized production standard. A pilot version of this document is expected to be released in 2015.
Tiffany & Co. invests in diamond-producing countries and is able to maintain the integrity of the supply chain, creating jobs, training staff, providing benefits and stimulating the growth of local economies, the report said.
"We adhered to an innovative approach to procurement, forming chains of direct supplies of diamonds and precious metals from mines," Kowalski said.
In 2013, the company's board of directors adopted the Conflict Minerals Policy, which establishes the principles of responsible gold mining for metal sellers.
As for the production of packaging materials, the blue Tiffany boxes are made from recycled paper and certified by the Forest Stewardship Council.
Tiffany & Co. has set itself the goal of reducing greenhouse gas emissions by 15% between 2013 and 2020.
In 2013, Tiffany & Co. made charitable donations in the amount of 2% of profit before tax.
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