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Tiffany & Co: a Case Study in Diamonds and Social

In: Business and Management

Submitted By EstherL
Words 481
Pages 2
The purpose of this memorandum is to educate the community on the ethical issues that should be taken into consideration when buying a diamond or additional precious jewelry. In today times, the issue of diamonds obtained from questionable sources has come up in the public, in the movies, and among top executives at Tiffany & Company. Members of several action groups question the ethics of obtaining diamonds from sources that are enmeshed in bloody conflict. As we take a look at the market, when most women are buying or receiving a diamond, probably do not give much thought to where the stone came from. Furthermore, whenever a man purchases a ring for his lady, how often does he think to ask the jeweler where the stone originated? In recent years, there has been a large movement to pressure jewelers, such as Tiffany & Co. to be more socially responsible in ensuring that their diamonds are not blood diamonds. The major issue that Tiffany & Co. faces in regards to these so-called blood diamonds would be classified as an issue of social responsibility. Tiffany & Co. admits openly that it has a responsibility to society to keep from supporting the atrocities that are committed by such groups as the Revolutionary United Front (RUF), who are from Sierra Leone, who act in conflict-stricken countries around the world, who uses the diamond trade to fund their wars, often terrorizing the innocent populations of their own countries. Tiffany & Co. could now use Thorne et. al.’s “Framework for Ethics and Social Accountability” (2008) in order to meet these social responsibilities. However, one major blockade could come in the vicinity of accountability. For example, Michael Kowalski, chairman and CEO of Tiffany & Co. argues that tracking the exact location where a diamond was mined can often be near impossible. If an outright ban on the sale of blood diamonds by…...

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