Tiffany & Co. has taken a global approach to addressing the most pressing social and environmental issues facing the mining sector, with a focus on precious metals, diamonds and coloured gemstones.
We have long recognised that, in some places, mining has been associated with violence, human rights abuses and environmental degradation. However, when managed responsibly, mining can be a source of social and economic development. The situation in the Democratic Republic of the Congo (DRC) and its adjoining countries represents both the challenge and the promise of mining.
We are committed to contributing to a solution in the region—both through our own voluntary initiatives and by complying with the conflict minerals diligence and disclosure requirements of Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). While our Company-wide conflict minerals compliance process addresses gold, tantalum, tin and tungsten—the minerals identified by Section 1502 of Dodd-Frank as “conflict minerals”—we believe that, as a jeweller, our largest opportunity is to address the impact of gold sourcing.
In connection with our requirements under Dodd-Frank, we developed a process to evaluate the risk of whether gold, tantalum, tin and tungsten in our supply chain could be originating from the DRC and its adjoining countries and fueling conflict in that region. The Tiffany & Co. Conflict Minerals Policy sets forth Tiffany’s expectations that its applicable suppliers complete annual training on the policy, submit an annual conflict minerals survey, and source from a smelter or refiner that has obtained a “conflict free” designation with an independent private-sector audit. This policy also includes a mechanism for suppliers, employees and others to report concerns regarding potential policy violations.
The Tiffany & Co. Conflict Minerals Policy does not ban our suppliers from sourcing minerals from the DRC or adjoining countries; we believe such a ban would adversely impact the mining communities and businesses operating responsibly in the region. Tiffany & Co.’s disclosure under Dodd-Frank, including both the Form SD and the Conflict Minerals Report, can be found on the Tiffany & Co. Investor Relations website.