Diamond Tiffany Investment and expanding demand
2003: Diamond Tiffany Investment and agreement of Aber
J. Walter Thompson has designed a fourth-quarter communications program on behalf of the Diamond 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.