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Tiffany to Disclose Geographic Origin of Its Diamonds

It’s a ‘significant step for diamond transparency.’

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NEW YORK — Tiffany & Co. announced that it will begin sharing with consumers the geographic origin of its newly sourced, individually registered diamonds.

The company said the decision is “a significant step for diamond transparency.” It stated that by 2020, it will begin sharing its diamonds’ craftsmanship journey.

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With its Diamond Source Initiative, Tiffany is tracing each of its individually registered diamonds (0.18 carats and larger) by a unique “T&Co” serial number etched by laser and invisible to the naked eye, and providing consumers geographic sourcing information specific to their diamond.

“Beyond general assurances of ‘conflict free,’ Tiffany believes that knowing provenance is critical to ensuring its diamonds are among the most responsibly sourced in the world,” the company said in a press release.

“Diamonds, formed up to 3 billion years ago and brought to the earth’s surface by a miracle of nature, are symbols of the most important moments in our lives. There should be nothing opaque about Tiffany diamonds,” said Alessandro Bogliolo, CEO of Tiffany. “Our clients want and deserve to know where their most valuable, most cherished diamond jewelry is from, and how it came to be.”

The company said that in cases where provenance is unknown, such as heritage stones that predate the policy, it will provide confirmation that the diamond was sourced with industry-leading practices.

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“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,” said Anisa Kamadoli Costa, chief sustainability officer for Tiffany. “A transparent journey of responsible sourcing reflects the many positive and far reaching benefits along every step of the diamond supply chain.”

The company stated:

Tiffany’s superlative standards exceed the Kimberley Process Certification requirements for rough diamonds and, for polished stones, mandate compliance with Tiffany’s Diamond Source Warranty Protocol. In the case of one trusted supplier with several responsibly managed operations, diamonds may be designated ‘Botswana sort.’ The majority of these diamonds were mined in Botswana, as well as in select mines in Namibia, South Africa, or Canada. For ‘Botswana sort” stones, provenance is the above grouping of countries, procured as an aggregated parcel of rough diamonds from a specific, limited group of mines in Southern Africa and Canada.

Tiffany & Co. is unique among global luxury jewelers in owning and operating its own diamond polishing workshops around the world – where 1,500+ Tiffany artisans ensure superlative diamond quality and craftsmanship. To highlight this competitive difference, by 2020, Tiffany will also share the craftsmanship journey of its diamonds along with its provenance.

Between 80 percent and 90 percent of Tiffany’s individually registered diamonds (by volume) have been supplied through Tiffany operations in Belgium, Botswana, Mauritius, Vietnam and Cambodia, where craftspeople plan, saw and/or cut and polish rough diamonds from known, responsibly managed mines, most of which are in Botswana, Canada, Namibia, Russia and South Africa, accordin to the release. For the remaining 10 percent to 20 percent, Tiffany’s trusted suppliers of polished diamonds have complied with Tiffany’s Diamond Source Warranty Protocol, which warrants the diamonds did not originate in countries with diamond-related human rights concerns, such as Zimbabwe and Angola, even though those diamonds are accepted under the Kimberley Process.

From now, those suppliers will be required to go beyond a warranty of “conflict-free” to affirmatively state the geographic source of any polished diamonds sold to Tiffany including region or countries of origin.

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Jewelry Company Wins Guinness World Records Title

The winning piece has 15,858 diamonds.

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BASEL, Switzerland – Coronet has been awarded a Guinness World Records title for “most diamonds set on a watch.”

The winning piece, called Mudan, is described on a press release as “an incredible art-piece featuring 15,858 diamonds.”

The title was awarded at the 2019 Baselworld watch and jewelry trade fair.

yet again exceeded expectations at the 2019 Baselworld watch and jewelry trade fair. The brand was awarded its 9th Guinness World Records with the ‘most diamonds set on a watch’. Coronet is already a proud title holder of previous 8 Guinness World Records for innovative diamond creations, including the most valuable Guitar featuring 1.6kg of 18K gold and 400 carats of diamonds.

The watch is set in 18-karat gold with artist Reena Ahluwalia’s diamond painting on the dial. The watch is inspired by Peonies, as they symbolize nobility, honor and wealth. Peony is known as the “king of the flowers” in Chinese culture.

Aaron Shum, founder of Coronet and president of Aaron Shum Jewelry Ltd., said, “Since 2015, CORONET is continuously surprising jewelers and fashion lovers at BaselWorld when we unveiled the dazzling Diamond Guitar.

“This is the ninth time that Coronet has been honored with a GUINNESS WORLD RECORDS title. We are proud to showcase our one-of-a-kind ‘Mudan’ watch with artist Reena Ahulwalia’s masterpiece on the watch’s dial – a hyper realistic painting of a diamond.”

The Mudan has a total of 50.01 carats of diamonds.

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5 Arrested in $10M Jewelry Heist

A mother and son were among those taken into custody.

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Five people have been charged in connection with an Atlanta burglary in which thieves made off with jewelry worth as much as $10 million, the Atlanta Journal-Constitution reports.

Burglars may have made off with the jewelry from Icebox Diamonds & Watches in Atlanta in February after tying up the store manager and his wife in their home, authorities say.

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Police took four people into custody: Jose Hernandez Pearson, Gregory Andrews, Tameka Lashon Croskey and Meisha Sims. A fifth person, Crysell Croskey, was already in jail on unrelated charges. Authorities said Tameka Croskey and Crysell Croskey are mother and son.

The suspects face a variety of felony counts, including burglary, theft, weapons and narcotics charges, the Journal-Constitution reports. Racketeering charges are also anticipated.

Before the burglary, two gunmen wearing ski masks entered the home and demanded codes to the store safes, according to earlier reports.

The couple were not injured, although the gunmen threatened to kill them, the Atlanta Journal-Constitution has reported. But media reports say they were bound with zip ties and duct tape.

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Two men broke into the Buckhead store at about 11:30 p.m. and spent about two hours there, police said. They emptied two safes, taking jewelry and watches.

Cash and jewelry were also reportedly stolen from the jeweler’s home.

Read more at the Atlanta Journal-Constitution

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Jewelry Insurance Startup Firm Raises $2M

The founder is a third-generation jeweler.

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BriteCo, a jewelry-insurance startup company, announced a $2 million seed round.

The round’s investors include Brian Spaly, the founder of Trunk Club; and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.

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The firm provides verified appraisals and immediate replacement coverage by HDI global, an A-rated insurance carrier, according to a press release.

“As a third-generation jeweler, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives,” said Dustin Lemick, BriteCo founder and CEO.

“But the jewelry buyer is changing rapidly. Millennials now represent the largest jewelry buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewelers by providing them with the optimal blend of online convenience and personal attention.”

Lemick and his family have owned and operated retail jewelry locations in the Chicagoland area for over 60 years.

BriteCo explains that its coverage has no deductible, automatically updates protection each year using advanced price analytics and predictive models, and offers a streamlined claims experience. It also “offers an easy to use, cloud-based Appraisal Management System (AMS) that is faster and more accurate than the jewelry industry’s traditional manual processes,” according to the release.

“What Dustin and his team have accomplished in such a short period of time is amazing,” said Jeff Taylor, one of the company’s investors. “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.

“I’m excited to be a part of their push to modernize the jewelry insurance and appraisal process and to help millions of people across the US protect their most valuable possessions.”

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