Tiffany to polish diamonds in Cambodia

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tiffany_coNew York-based jewellery firm Tiffany & Co is setting up a diamond-polishing factory in Phnom Penh along with a training center, local media reported.

Construction began in March 2013 on a 1.2-hectare plot in the Phnom Penh Special Economic Zone, according to Archetype Group, the architectural firm involved in construction.

Tiffany & Co itself, known for its secrecy towards the press, did not reveal the value of investment or when the operations would start.

According to its latest US Securities and Exchange Commission filing, Tiffany & Co expects to buy about $200 million worth of rough diamonds this year from countries such as Australia, Russia and South Africa.

These diamonds are then sorted, cut and polished in facilities owned by Tiffany’s subsidiary, Laurelton Diamonds, in countries including Belgium, South Africa, Botswana and Vietnam. The Cambodia facility will be the latest addition. Cambodia itself does not have diamonds.

Cambodia is listed as a participant in the Kimberly Process, a UN-initiated movement against conflict diamonds. This means diamonds traded in Cambodia – including those from Tiffany – would not finance violent rebel movements against governments.

Tiffany’s factory will be the second diamond-polishing facility in Cambodia. South-Africa based company KMG Diamond already has a 2.6-hectare plot in the Phnom Penh economic zone to carry out diamond-polishing activities.

 

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Reading Time: 1 minute

New York-based jewellery firm Tiffany & Co is setting up a diamond-polishing factory in Phnom Penh along with a training center, local media reported.

Reading Time: 1 minute

tiffany_coNew York-based jewellery firm Tiffany & Co is setting up a diamond-polishing factory in Phnom Penh along with a training center, local media reported.

Construction began in March 2013 on a 1.2-hectare plot in the Phnom Penh Special Economic Zone, according to Archetype Group, the architectural firm involved in construction.

Tiffany & Co itself, known for its secrecy towards the press, did not reveal the value of investment or when the operations would start.

According to its latest US Securities and Exchange Commission filing, Tiffany & Co expects to buy about $200 million worth of rough diamonds this year from countries such as Australia, Russia and South Africa.

These diamonds are then sorted, cut and polished in facilities owned by Tiffany’s subsidiary, Laurelton Diamonds, in countries including Belgium, South Africa, Botswana and Vietnam. The Cambodia facility will be the latest addition. Cambodia itself does not have diamonds.

Cambodia is listed as a participant in the Kimberly Process, a UN-initiated movement against conflict diamonds. This means diamonds traded in Cambodia – including those from Tiffany – would not finance violent rebel movements against governments.

Tiffany’s factory will be the second diamond-polishing facility in Cambodia. South-Africa based company KMG Diamond already has a 2.6-hectare plot in the Phnom Penh economic zone to carry out diamond-polishing activities.

 

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