|
|
 |
|
| Gems and Jewelry |
Moral Origins
Jill Newman
04/01/2004
|
Aber Diamond, which mines and
markets Canadian diamonds, announced in November that it will purchase America’s
legendary Harry Winston, making it part of a vertically integrated diamond
company. Aber hopes to capitalize on the Harry Winston name when it takes
ownership of the company from Ronald Winston, the founder’s son, and Fenway
Partners, a private equity firm that acquired a $55 million stake in the
company in 2000.
 | | CARAT BAGUETTE and brilliant cut diamond cuff set in platinum. |
Aber also is a partner in Tiffany’s foray into Canadian
mining. In 1999, the luxury retailer agreed to purchase at least $50 million of
diamonds a year for 10 years from Aber, subject to meeting quality standards. At
that time, Tiffany’s also acquired 14.7 percent of Aber; Aber, in turn, owns 40 percent of the Diavik Diamonds Project.
Ethical Excavation
While this Canadian deal represents just a portion of
Tiffany’s diamond supply, the company is taking other measures to procure
diamonds from a secure network of sources. It also is working toward providing
specifics about the mine of origin for all of its diamonds, though that is
several years away, Kowalski notes. Despite the media attention about conflict
diamonds, he concedes that consumers are generally not inquiring about a
diamond’s origin. “Consumers might not articulate it, but we believe that they
care and expect us to source our materials in a morally responsible way,” he
says.
Other companies apparently subscribe to the same sentiments. Rand
can trace a stone’s genealogical history, from mine to polished stone, for its
owners. “A diamond is an emotional purchase and knowing the people who helped
create and finish a stone makes the purchase even more personal and endearing,”
says Sean Cohen, president of Rand and the third generation in his family’s
50-year-old diamond trading company.
|
|
|
|
|
|
|
