Tiffany
Expands Canadian Investment - Nov.2003
Tiffany & Co. has opened its Laurelton Diamonds cutting and
polishing center in Yellowknife in Canada’s Northwest Territories.
Laurelton Diamonds, a Northwest Territories company wholly owned by Tiffany
& Co., now operates in a 12,000-square-foot, state-of-the-art facility that
will eventually house 75 employees. The skilled workforce, currently in start-up
mode with six polishers, will play an important role in supporting Tiffany’s
expanding needs for high-quality diamonds.
Tiffany also entered into a agreement with Aber to buy at least of $50
million in diamonds, subject to Tiffany’s quality standards, each year for 10
years.
Tiffany is the first retailer to source rough stones directly from a mine—a
coup in an era when tracing the source of diamonds has become such an important
issue.
The first diamonds mined under Tiffany’s contract were delivered in March
2003. v | 
