Conducting business in an environmentally and socially responsible manner has long been an integral part of our commitment to stakeholders. We recognize that stockholders consider environmental and social performance in the value of a company. We value engagement with all of our stakeholders and Tiffany & Co. collaborates with nonprofit organizations on environmental and labor issues, with mining companies on high standards for supply chain management and with fellow jewelers to increase consumer confidence in the sector.
Tiffany & Co. focuses on issues that we believe are important to our business and to our customers. We work to ensure that the environmental and social standards of our operations are as exacting as our standards of product design and quality.
In 2012, our multistakeholder engagement was formally recognized when Tiffany & Co. was listed in the FTSE4Good Index®. FTSE4Good® is a highly respected socially responsible investment index which selects companies based on their track record on environmental sustainability, human rights, countering bribery, supply chain labor standards and climate change.
RESPONSIBLE MINING STANDARDS
Tiffany & Co. plays a leading role in working closely with the mining industry, jewelry industry associations (such as Jewelers of America
) and concerned nongovernmental organizations (such as EARTHWORKS
and Human Rights Watch
) to encourage responsible mining practices.
In 2003, Tiffany & Co. helped lead a pioneering multistakeholder conference—including NGOs, retailers, investors, insurers and technical experts—to identify best practices across the entire jewelry supply chain. The resulting dialogue led to the publication of the Framework for Responsible Mining: A Guide to Evolving Standards. The Framework’s goal was to advance productive debate—and, ultimately, action—by governments, retailers, civil society, the mining industry and others.
Tiffany & Co. was the first jeweler to embrace the objectives of EARTHWORKS’ No Dirty Gold campaign in 2005, which established aspirational social, human rights and environmental standards for the extraction of gold that retail jewelers can use as they seek responsible mining sources.
Tiffany & Co. continues to co-host, and participate in, multistakeholder dialogues convened by NGOs on a variety of issues affecting our industry and beyond. Through these dialogues, Tiffany & Co. hopes to continue to lead the jewelry industry in issues of responsible sourcing.
Tiffany & Co. is a founding member of the Responsible Jewellery Council (RJC). The RJC is an international nonprofit organization established to reinforce consumer confidence in the jewelry industry by advancing responsible business practices throughout the diamond, gold and platinum jewelry supply chain. The RJC developed the Principles and Code of Practices which outline responsible business practices to which all RJC members must adhere. In 2011, Tiffany & Co. received RJC Member Certification for our global operations through 2014, demonstrating that we operate in conformity with the RJC Principles and Code of Practices. To obtain a copy of the Tiffany & Co. RJC Code of Practices Policy, please email CSR@Tiffany.com.
Further, to develop globally recognized responsible mining standards, Tiffany & Co. is a participant in the Steering Committee of the Initiative for Responsible Mining Assurance (IRMA). IRMA seeks to establish a voluntary system of environmental, human rights and social standards for mining operations to be launched in 2015, and works to provide:
- A certification standard developed through a multistakeholder approach with participation from mining companies, retailers, nonprofits, labor groups and indigenous peoples.
- Independent third-party verification.
- Fair and equitable distribution of benefits to affected communities while protecting their rights.
- The avoidance of, and effective responsiveness to, potential negative impacts to the environment, health, safety and culture.
- Enhancement of shareholder value.
Tiffany & Co. is hopeful that by working collaboratively with a diverse group of stakeholders, IRMA will be successful in developing a consensus-based, third-party certification standard for responsible mining.
STATEMENT ON HARD-ROCK MINING
Tiffany & Co. publicly and actively opposes inappropriate mine development on environmentally and culturally sensitive lands. For example, in 2004, through a full-page advertisement in The Washington Post
, Tiffany & Co. urged the United States Forest Service to deny a permit for the proposed Rock Creek Mine in the Cabinet Mountains Wilderness in Montana.
In the U.S., Tiffany & Co. supports the reform of the General Mining Law of 1872 and legislation to assist in cleaning up abandoned hard-rock mines. We agree with many in the environmental community, the mining industry and Congress that an overhaul of federal mining law is long overdue. Tiffany & Co. also understands that achieving mining law reform will require hard work, negotiation, compromise and creativity in a public, transparent process.
We believe that mining on our public lands should be a privilege and must be carefully measured against alternative uses, including recreation and conservation. Most importantly, we recognize that some public lands are simply not suitable for mining, and that their value for recreation and conservation is far greater than their value as a source of minerals.
If reforms are to succeed, we believe that taxpayers must be fairly compensated for minerals taken from public lands, protection of the environment must be enhanced and business certainty for companies and communities dependent on mining must be improved.
The toxic legacy of abandoned mines in the American West is also a matter of great concern to Tiffany & Co. We support the important work of “Good Samaritans”—government entities, NGOs, private parties and other organizations—who voluntarily clean up mine-related pollution. We are encouraged by recent Environmental Protection Agency (EPA) policy changes to provide additional legal protections for these "Good Samaritans" and are hopeful that these changes will prove effective on the ground. Still, we recognize that much work remains to be done to effectively deal with these mines and to establish a permanent source of funding for their cleanup.
THE TIFFANY & CO. FOUNDATION RESPONSIBLE MINING PROGRAM
The Tiffany & Co. Foundation
strategically supports the Company’s core values through focused philanthropic giving. One of the Foundation’s key grantmaking areas is Responsible Mining. As a part of this program, the Foundation supports the development of standards for the responsible mining of precious metals and gemstones at both an artisanal and large-scale level. The development of consensus-based third-party standards is a long-term process, but essential in moving the industry towards a responsible and sustainable future.
Complementary to the Company’s sourcing practices, the Foundation supports nonprofit organizations working directly with artisanal mining communities around the world to improve working conditions and provide equitable livelihoods. The Foundation supports civil society, local communities and governments as they remediate land and watersheds affected by historic mining. Further, the Foundation values the role that conservation organizations play in their scientific and ecological assessments of potential mining sites. Through a multilayered approach, the Foundation’s grantmaking complements the Company’s leadership to rectify historic legacy issues, engage current mining communities and encourage careful consideration for mining in the future.