Tiffany CEO Says Revealing Source of Diamonds 'Is Our Duty'

Tiffany & Co. has launched an initiative to provide customers with the provenance of their diamonds, focusing on transparency in the supply chain. This effort involves significant investment in vertical integration and ethical sourcing, going beyond industry norms like the Kimberley Process. The initiative aims to differentiate Tiffany in the market, especially against synthetic diamonds, and is part of a broader brand revitalization strategy. Despite challenges in the Chinese market, Tiffany remains strong and is planning major renovations to its flagship store.

What new information is Tiffany planning to share with its customers about their diamonds?

• The price of the diamonds

• The region or countries where the diamonds were mined

• The weight of the diamonds

• The chemical composition of the diamonds

What percentage of Tiffany's diamonds are cut and polished in their own workshops?

• 50-60%

• 30-40%

• 80-90%

• 10-20%

Why does Tiffany avoid sourcing diamonds from certain countries like Zimbabwe and Congo?

• Due to lack of availability

• Due to low quality of diamonds

• Due to non-compliance with safety and human rights standards

• Due to high costs

How does Tiffany view the synthetic diamond industry?

• As a potential partner

• As a threat to their business

• As a completely different industry

• As a direct competitor

What is the primary goal of Tiffany's diamond provenance initiative?

• To reduce costs

• To increase sales

• To compete with synthetic diamonds

• To enhance transparency and responsible sourcing

What is one of the key reasons Tiffany is unique among global jewelers?

• They only sell synthetic diamonds

• They offer the cheapest diamonds

• They have the largest number of stores

• They are vertically integrated in diamond cutting and polishing

What is the expected outcome of Tiffany's store renovations?

• To reduce the number of floors

• To expand customer space and offer more experiential activities

• To focus solely on online sales

• To close the store temporarily

How does Tiffany plan to remain relevant in the Chinese market?

• By ensuring brand relevance and cultural connection

• By increasing advertising

• By opening more stores

• By reducing prices

What is a significant part of Tiffany's broader revitalization strategy?

• Embracing change and cultural relevance

• Cutting costs

• Focusing on online sales

• Reducing product lines

What is the main reason Tiffany is investing in transparency and provenance?

• To reduce production costs

• To focus on synthetic diamonds

• To differentiate from competitors and lead the industry

• To comply with legal requirements