In what its CEO calls an effort to be more transparent, retailer Tiffany & Co. has announced it will begin identifying where its diamonds are sourced from.
As of Jan. 9, customers at the retailers’ stores will see origin information displayed alongside all diamond rings. According to sources, store employees will also be able to provide that information on request. Currently, the region or country of origin for each registered diamond is readily available. Insiders say Tiffany & Co. plan on making more information available to consumers by 2020, including each stone’s complete trip from through the supply chain.
According to sources, most of the retailer’s diamonds come from mines in Botswana, Namibia, South Africa, Russia and Canada. They are one of few jewelers that cut and polish their own stones. According to diamond giants DeBeers, the diamond industry has annual sales of around $80 billion.