TIFFANY is going the whole way with diamonds. The celebrated jeweller is becoming a diamond manufacturer and dealer to secure the supplies of the gems that made its name.
Traditionally, Tiffany bought polished diamonds from major centres in Antwerp, Tel Aviv and New York. It is now going into manufacturing and dealing to have a greater control of the product supply chain, it says.
But the key issue is guaranteeing solid sources for diamonds, which is becoming a major concern among diamond and jewellery companies.
"The move shows how significant the issue of supply has become and Tiffany can do it because they are selling at a premium," says Charles Wyndham of WWW International Diamond Consultants. This is especially the case for customers of De Beers, which faces a shortage of rough and was looking to reduce its client list of about 120 companies by about half.
