Metals

The silver, gold and platinum used in Tiffany & Co.’s workshops (all of which are located in the United States) 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 inclusion of responsibly managed, artisanally mined metals, although to date we have found it challenging to identify sources that meet our procurement requirements. 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 sectors.

In 2010, Tiffany & Co. manufactured 65% of its jewelry at its United States manufacturing facilities. We choose to source our metals primarily from the United States to minimize supply chain environmental and social risks. In addition, our third-party vendors also independently source and supply 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 and environmental and social responsibility.

In Fiscal Year 2010, Tiffany & Co. purchased the silver used in our own manufacturing facilities from two United States sources. 68%* of this silver was sourced from the Bingham Canyon Mine in Utah as a by-product of an open-pit copper mine. The remaining 32%* was procured from recycled sources.

In Fiscal Year 2010, Tiffany & Co. purchased the gold used in our own manufacturing facilities from two locations in the United States. 64%* of this gold was mined from the Bingham Canyon Mine in Utah as a by-product of an open-pit copper mine. The remaining 36%* was procured from recycled sources.

The Bingham Canyon Mine is an existing mine which produces gold as a by-product of copper mining using a non-cyanide leaching extraction method. While there are legacy environmental issues that result 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 Fiscal Year 2011, Tiffany & Co. will begin sourcing platinum directly from Stillwater Mining in Montana for use within our manufacturing facilities. This will include mined platinum as well as platinum recovered from recycled sources.

For jewelry crafted by our manufacturing partners, we are working with our vendors to supply them with precious metal from the same sources that we procure our metals. The remaining metal that they purchase on our behalf is sourced in accordance with Tiffany & Co. standards for quality and environmental and social responsibility. All of these vendors participate in the Tiffany & Co. Social Accountability Program.

*Metric included in the Report of Independent Accountants