The majority of the gold and silver used in Tiffany & Co. jewelry workshops is obtained from a single U.S. mine that meets high standards of social and environmental responsibility. Once mined, these precious metals are processed in a fabrication plant dedicated to responsibly sourced materials. The precious metals are transferred to Tiffany & Co.'s workshops or those of their manufacturing partners.
Tiffany & Co., to ensure the integrity of their supply chain, created Laurelton Diamonds, a wholly owned subsidiary that procures rough diamonds and manages their worldwide supply chain that sources, cuts, polishes and supplies finished stones to Tiffany.
Rather than outsourcing, Tiffany has integrated into their supply chain. This creates a strong position for Tiffany & Co. because they do not have to depend upon suppliers for their diamond and precious metals that they need for production.
It's hard to keep in mind that something so beautiful came from dirty, decomposed surroundings. In this type of business, I think it's a wise decision not to outsource. Although I'm sure they can tell the difference between what is real and what isn't, I would imagine they are saving an abundance of time by not having to examine every single thing in the production process to insure its authenticity.
ReplyDeleteI am currently in S. Korea, and it's a small problem here, but my husband was in Iraq and Afghanistan prior to this assignment where there was a larger problem of vendors marketing imitation jewels as genuine.