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Tiffany & Co. . Michael Floskis Silver Users Association Fall Conference November 6-7, 2007 Washington, DC. Tiffany & Co. Who We Are. Designer, manufacturer and retailer of fine jewelry Over 167 jewelry retail stores worldwide 2006 Revenue $2.65 Billion 8,900 full time employees.

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Tiffany & Co.

Michael Floskis

Silver Users Association

Fall Conference

November 6-7, 2007

Washington, DC

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Tiffany & Co. Who We Are

  • Designer, manufacturer and retailer of fine jewelry

  • Over 167 jewelry retail stores worldwide

  • 2006 Revenue $2.65 Billion

  • 8,900 full time employees

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Concerns with mining for the Jewelry Industry

  • Trade of conflict diamonds

  • Labor Rights

  • Environmental issues

    • Cyanide is used by large mining operations to separate gold and silver from the ore

    • Large mines dump toxic water

    • Abandoned mines and waste

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Tiffany & Co. View on Sustainability

“Tiffany & Co. is committed to obtaining precious metals and gemstones in ways that are socially and environmentally responsible-it is simply the right thing to do, and our customers expect no less”

-Michael J. Kowalski, Chairman & CEO, Tiffany & Co.

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Tiffany & Co.: Working together with the jewelry industry and non-governmental organizations

  • Leading role in working closely with:

    • Producers

    • Other end users of precious metals

    • Jewelry industry groups

    • Interested non-governmental organizations

  • One of the organizations that established the Framework for Responsible Mining: A Guide to Evolving Standards

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Tiffany & Co.: Stance on Hard Rock Mining and non-governmental organizations

  • Support reform of the General Mining Law of 1872

  • Support legislation to assist in cleaning up abandoned hard rock mines

  • Believe that mining on our public lands is a privilege and must be carefully measured against alternative use, including recreation and conservation

  • Tiffany & Co. has publicly-and-actively-opposed inappropriate mine development on environmentally and sensitive lands

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Tiffany & Co.: Principled Position on Burmese Gemstones and non-governmental organizations

  • Most of the finest specimens of rubies are mined in Myanmar (Burma)

  • US government in 2003 enacted the Burmese Freedom and Democracy Act of 2003

  • Technically permissible to import rubies mined in Burma but cut and polished in other countries

  • Tiffany & Co. is one of the few retailers that respects both the letter and the spirit of the legislation

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Tiffany & Co.: Promoting Ethical Business Conduct and non-governmental organizations

  • A founding member of the Council for Responsible Jewellery Practices

  • Founded in 2005

  • Other founding members include:

    • Zales

    • Signet Group

    • Rolex, S.A.

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Tiffany & Co.: A Focus on Conserving Marine Habitats and non-governmental organizations

  • Coral has long been used in fine jewelry

  • Tiffany & Co. since 2003 refuses to use the precious resource coral in our collections

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Tiffany & Co. Internal Actions towards Sustainability and non-governmental organizations

Phase I: Ensured use of only non-conflict diamonds

Tiffany & Co. diamonds primarily come from three geographic regions

  • Canadian Arctic

  • Africa

  • Russia

  • Created Laurelton Diamonds, a wholly owned subsidiary that provides rough diamonds and manages the worldwide supply chain

    Phase II: Ensure use of responsibly mined metals

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    Tiffany & Co. Internal Actions towards Sustainability and non-governmental organizations

    Ensure the use of precious metal from responsible sources:

    • The largest portion of the gold and silver contained in Tiffany & Co. jewelry is obtained from a US copper mine which operates in a sustainable and environmentally sound manner

    • Established a process to support the use and distribution of responsibly mined metals for the manufacturing of Tiffany & Co. products

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    Tiffany & Co. Views on Mining and non-governmental organizations

    • New mine development should not occur on lands of high ecological or cultural value

    • Air and water contamination should be minimized

    • The principle of informed community participation in mine development should be embraced

    • Basic human rights should be respected by all parties

    • Mine operators should provide for appropriate and fiscally sound financial guarantees to cover the costs of cleaning up and closing mines

    • Mine wastes should not be placed in rivers, streams, lakes or near shore ocean water

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    Copper Liberators and non-governmental organizations

    Electrolyte Circulation



    Electrolytic Cells

    Chlorination Leach

    Copper Cathode

    Tiffany & Co.: Responsible Metal Source Mine Process














    Gold Bars

    Silver Bars

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    Responsibly Mined and non-governmental organizations

    Silver & Gold


    Responsible Metals: Supply Chain Flow

    Tiffany & Co.







    Finished Good


    Finished Goods



    Tiffany & Co.



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    Tiffany & Co.: Silver Product Process and non-governmental organizations

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    Tiffany & Co.: Silver Products and non-governmental organizations

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    Tiffany & Co. Foundation and non-governmental organizations

    In addition to supporting education and advancement of the arts, The Tiffany & Co. Foundation focuses on several areas of environmental interest

    • Responsible Mining

      • Supports the work of a number of nongovernmental organizations dedicated to building a framework for responsible mining that meets industry needs for precious gemstones and metals while minimizing environmental impacts

    • Coral Reef Conservation

      • Supports research and community-led work focused on halting the destruction of coral reefs that result from

        • over-fishing

        • shore development

        • effects of global warming

    • Land Conservation

      • Supports land conservation initiatives at both the national and the local level

      • Especially active in supporting efforts to preserve open spaces in urban settings

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    Tiffany & Co. and non-governmental organizations

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    THANK YOU and non-governmental organizations


    Michael Floskis

    Director of Finance

    Tiffany & Co.

    300 Maple Ridge Drive

    Cumberland, RI 02864

    (401) 288.0101