The move comes as ethically minded consumers – particularly millennials – demand to know where and how gems are mined, hoping to avoid illegally sourced or conflict diamonds.
Dubbed the Diamond Source Initiative, Tiffany & Co will share the provenance information to consumers by individually registering diamonds weighing 0.18 carats and larger. Each will be marked with a unique “T&Co” laser-etched serial number, which is invisible to the naked eye.
The company is committed to “total transparency” on the geographical location of each of its diamonds available for retail around the world.
“Tiffany & Co. has long been committed to diamond traceability and going above and beyond industry norms to promote the protection of the environment and human rights,” chief sustainability officer Ms Anisa Kamadoli Costa said.
“A transparent journey of responsible sourcing reflects the many positive and far-reaching benefits along every step of the diamond supply chain.”
At the time of the announcement, the company’s initiative could have resulted in positive gains as share prices for Tiffany & Co (NYSE TIF) with the New York Stock Exchange traded up $0.86 (AUD 1.19) a week after the announcement.
Tiffany stock had a trading volume of 2,417,079 shares, compared to its average volume of 2,229,174, according to online stock trading monitor Fairfield Current.