Tiffany & Co. Releases Its 2021 Sustainability Report, Outlining Its Social, Environmental and Philanthropic Impact Over the Past Year

NEW YORK, NY—Today, Tiffany & Co. published its 12th annual sustainability report, providing a comprehensive overview of the luxury jeweler’s commitments, actions and long-term vision in the world of sustainability. The 2021 Sustainability Report also tracks progress against Tiffany’s 2025 Sustainability Goals first published in 2020.

“As we continue to lead our industry by example through the sustainability efforts outlined in this report, we call upon our partners, our clients and global communities to join us on a journey towards a more sustainable and equitable future.” said Anthony Ledru, Chief Executive Officer, Tiffany & Co.

The latest sustainability report outlines the social and environmental strides that Tiffany & Co. made in 2021 and to the present date. Among these are:

Product

  • In 2021, Tiffany achieved historic levels of precious metals traceability: over 99% of all gold, silver and platinum used in jewelry was traced to either a known mine or a known recycled source. The remainder, less than 1%, was traced to Responsible Jewellery Council (RJC) Certified Refiners.
  • Building on the success of its precious metals traceability, Tiffany & Co. announced it is now moving toward sourcing 100% of gold, silver and platinum from recycled sources. This sourcing strategy enables Tiffany & Co. to drive additional progress towards reducing climate impacts, specifically greenhouse gas emissions.

People

  • Demonstrating progress on gender representation goals: The majority of Tiffany’s workforce is comprised of women (over 70%), and the majority of managers and above are women (over 60%). Tiffany & Co. maintained gender parity among its Vice Presidents and above (49%).
  • In 2021, Tiffany & Co. furthered its goal to embed inclusivity throughout the client experience. The brand’s marketing activities and product design process reflect the intentional and systemic integration of inclusive practices to continue reflecting the diversity of its clients. In 2021, the brand launched the Charles Tiffany Setting, a collection of new engagement rings designed to reflect and celebrate today’s love in all its forms.
  • In 2021, Tiffany & Co. launched the About Love Scholarship Program, an element of the Tiffany & Co. About Love campaign starring Beyoncé and JAY-Z in partnership with BeyGOOD and the Shawn Carter Foundation. Tiffany & Co. pledged USD $2 million in scholarship funding for students in the arts and creative fields at five Historically Black Colleges and Universities (HBCUs) through 2024. Last year, Tiffany & Co. provided need-based scholarships to sixty qualifying students and partnered with the participating universities to host a virtual career day for the 2021-22 academic school year.

Planet

  • To date, Tiffany & Co. has over 25 retail stores, offices and manufacturing locations with LEED Silver, Gold, or Platinum certification, located in the United States, China and elsewhere.
  • In 2021, 89% of Tiffany’s global electricity use came from clean, renewable sources, up from 85% in 2020 including energy generated by solar panels at Tiffany & Co. locations and purchased renewable electricity credits.
  • Tiffany & Co. is in the process of transitioning plastic bubble wrap to sustainable alternatives, a significant step towards its goal to eliminate all single use plastic by 2025.

Philanthropy

  • In 2021, Tiffany & Co. raised USD $6.5 million benefitting The Nature Conservancy (TNC) toward the preservation of critical ecosystems. TNC will accelerate conservation efforts in five key regions facing the dual crises of climate change and biodiversity loss. The areas that will be supported are Papua New Guinea, Indonesian Borneo, The Caribbean, Belize’s Maya Forest and Alaska’s Tongass National Forest.
  • In 2021, The Tiffany & Co. Foundation also committed $1 million to Conservation International in support of Blue Nature Alliance, an ocean conservation initiative that seeks to double the world’s marine protected areas by 2025.

Building upon the House’s history of social and environmental stewardship over the past two decades, the latest report provides a comprehensive overview of both the luxury jeweler’s past and progress in this space.

The House is deeply committed to regular and transparent reporting on its sustainability progress, which provides a mechanism for all stakeholders to access information about its performance. Tiffany & Co. has had a subset of its metrics assured by KPMG LLP (KPMG), an independent registered public accounting firm, and has reported in accordance with the Global Reporting Initiative (GRI) and the United Nations Global Compact (UNGC).

To learn more about Tiffany & Co.’s long-standing commitment to sustainability, please visit the 2021 Sustainability Report.

About Tiffany & Co.

Tiffany & Co., founded in New York City in 1837 by Charles Lewis Tiffany, is a global luxury jeweler synonymous with elegance, innovative design, fine craftsmanship and creative excellence.

With more than 300 retail stores worldwide and a workforce of more than 14,000 employees,Tiffany & Co. and its subsidiaries design, manufacture and market jewelry, watches and luxury accessories. Over 3,000 skilled artisans cut Tiffany diamonds and craft jewelry in the Company’s own workshops, realizing the brand’s commitment to superlative quality. 

Tiffany & Co. has a long-standing commitment to conducting its business responsibly, sustaining the natural environment, prioritizing diversity, equity and inclusion, and positively impacting the communities in which it operates. To learn more about Tiffany & Co. and its commitment to sustainability, please visit tiffany.com.

@tiffanyandco #TiffanySustainability

Tiffany & Co. Commits to Science-Based Climate Targets

Today, Tiffany & Co. announces its plans to accelerate its commitment to combat climate change with a pledge to achieve net-zero greenhouse gas (GHG) emissions across its own operations (Scopes 1 and 2) and supply chain (Scope 3) by 2040 in accordance with the Science Based Targets Initiative’s (SBTi) Net-Zero Standard.

To meet this goal, Tiffany & Co. has set a 2030 near-term GHG reduction target in alignment with SBTi’s Net-Zero Standard. By 2030, Tiffany & Co. pledges to reduce Scopes 1 and 2 emissions by 70%; these are the emissions generated from Tiffany’s own operations, such as stores, distribution centers, manufacturing and offices. The House has also committed to reduce Scope 3 emissions by 40%; these are the emissions generated in Tiffany’s supply chain and represent the vast majority of the House’s footprint. This near-term target will be a significant milestone towards Tiffany & Co.’s net-zero goal, which will include a 90% reduction of Scopes 1, 2 and 3 emissions by 2040. The remaining 10% of emissions will be neutralized by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions. Tiffany & Co.’s targets are all measured from a 2019 base year and were submitted to SBTi for review in September 2022.

Tiffany’s goal of reaching net-zero will require the engagement and decarbonization of its entire value chain. The House will focus on deep and rapid emission cuts to achieve its new ambitious target, from the sourcing of raw materials and engagement with suppliers, to the manufacturing and transportation of products, the operation of retail stores and offices and employee travel.

A selection of initiatives that support Tiffany & Co.’s net-zero commitment include:

  • Moving toward sourcing 100% of precious metals (gold, silver and platinum) from known recycled sources. Sourcing recycled precious metals could reduce carbon emissions associated with metals procurement by up to 90%, driving significant progress in Tiffany’s Scope 3 purchased goods and services category.
    *This emission reduction was calculated based on 2021 gold, silver and platinum procurement volumes and assumes 2022 procurement volumes will be consistent with 2021 volumes.
  • Investing in sustainable transportation, including a new partnership with the 6th LVMH Innovation Award winner and luxury last mile service and delivery company, TOSHI. Founded in 2017, TOSHI offers 60-minute, client-scheduled deliveries for online luxury clients and executes all deliveries with net-zero carbon emissions. Tiffany & Co. will launch with TOSHI in New York and London in 2022, with plans to expand to other cities in 2023.
  • Constructing and retrofitting more sustainable buildings across its retail, manufacturing, offices and distribution sites. All key new construction, expansion, renovations and interior fit-outs are being designed for Leadership in Energy and Environmental Design (LEED) Silver certification or above.
  • Utilizing 100% renewable electricity by 2030 and investing in operational energy efficiency initiatives. In 2021, 89% of Tiffany’s global electricity use came from clean, renewable sources including energy generated by solar panels at Tiffany & Co. locations and purchased renewable electricity credits. Tiffany & Co. will continue to invest in energy efficiency improvements such as LED lighting, HVAC (heating, ventilation, air conditioning and cooling) upgrades as well as enhancing building management systems.
  • Expanding investment in nature-based solutions, building upon the House’s longstanding legacy in protecting natural ecosystems. Tiffany & Co. will continue to prioritize projects that protect and restore natural ecosystems, reduce carbon emissions and empower local communities.

In committing to net-zero by 2040, 10 years earlier than what is called for in the Paris Climate Agreement, Tiffany & Co. is responding to the urgent call from climate scientists to keep warming to no more than 1.5°C to avoid the worst impacts of climate change.

Tiffany & Co. believes that a net-zero emissions future is not only possible—it is an urgent priority. Beyond these ongoing efforts, the House will continue to advocate for responsible climate action throughout its supply chain and the broader jewelry industry.