When shopping for diamonds, consumers focus on the four C's: carat, cut, color, clarity. Now, Tiffany & Co. is allowing customers to know where the diamond is sourced from as they vow to bring more transparency into their supply chains.
According to Quartz, the validity of Tiffany's new certificates of origin depend on the company's trust in its partnerships with the mines they source from.
The diamond supply chain is complex as the stones have many touches before reaching the sellers, sparking the industry to invest in blockchains. For Tiffany, each diamond is laser-etched with a serial number attached to information about the path before it even reaches its stores. By offering visible information on where the diamond is source, the company aims to bring a peace of mind to customers and gain control over its supply chain.
Quartz reports that the initiative is helping Tiffany compete for conscious consumers as more diamond sellers pop up. However, the company's sourcing initiative is different than other companies because of its sheer scale. If Tiffany strikes gold with its transparency efforts, it can be a significant move for the industry.