The silver, gold and platinum used in Tiffany & Co.’s workshops come from two principal sources: in-ground, large-scale deposits of metals that have been responsibly mined and metals from recycled sources. In addition, we are exploring the possibility of sourcing responsibly managed, artisanally mined metals and believe that the formalization of this sector has the potential to dramatically improve working conditions and wages for artisanal miners. Tiffany & Co. believes that a sustainable future for precious metal consumption ultimately depends on the responsible development of all three sources of metals: large-scale, recycled and artisanal.
Tiffany & Co. is committed to using the influence of
the Tiffany brand among consumers, and within the
jewelry industry, to support responsible sourcing
practices in the large-scale, recycled and
artisanal mining sectors.
Tiffany & Co. manufactures approximately 60% of our jewelry at Tiffany & Co. owned and operated manufacturing facilities. In 2012, Tiffany & Co. was able to trace 98%* of precious metals procured by these manufacturing facilities directly to a mine or recycler. We source our metals primarily from the U.S. in order to minimize environmental and social risks in our supply chain.
Our third-party vendors independently source and supply the remaining silver, gold and platinum used in finished goods manufactured for Tiffany & Co. These vendors participate in the Tiffany & Co. Social Accountability Program to uphold our standards for quality as well as environmental and social responsibility.
In 2012, Tiffany & Co. purchased the silver used in our own manufacturing facilities from two U.S. sources. 83%* of this silver was sourced from the Bingham Canyon Mine in Utah as a by-product of an open-pit copper mine. The remaining 17%* was procured from recycled sources.
In 2012, Tiffany & Co. purchased the gold used in our own manufacturing facilities from two U.S. sources. 43%* of this gold was sourced from the Bingham Canyon Mine in Utah as a by-product of an open-pit copper mine. The remaining 57%* was procured from recycled sources, up from 52% in 2011.
The Bingham Canyon Mine is an existing mine that produces gold as a by-product of copper mining using a non-cyanide leaching extraction method. While there are legacy environmental issues from over a century of mining at Bingham Canyon, the mine’s owners deserve recognition for acting responsibly and aggressively to address these issues.
In 2012, Tiffany & Co. purchased the platinum used in our own manufacturing facilities from two companies. 72%* of this platinum was sourced from Stillwater Mining in Montana. The remaining 28% was procured from a U.S. refiner which sources platinum from a mixture of mined and recycled sources.
For jewelry crafted by our manufacturing partners, we are working with our vendors to supply them with precious metals from the same sources that we procure our metals. The remaining metal that they purchase is sourced in accordance with Tiffany & Co. standards for quality and environmental and social responsibility. These vendors participate in the Tiffany & Co. Social Accountability Program
*Metric included in the Report of Independent Accountants