The Tiffany & Co. Foundation Provides Funding for TransFair USA to Explore Feasibility...

The Tiffany & Co. Foundation Provides Funding for TransFair USA to Explore
Feasibility of Fair Trade Certified(TM) Diamonds

OAKLAND, Calif., Jan. 10 /PRNewswire/ -- TransFair USA, the nation's only
independent, third-party certifier of Fair Trade Certified(TM) products, has
been awarded a $100,000 grant from The Tiffany & Co. Foundation to assess the
feasibility of Fair Trade certification for diamonds. TransFair USA will begin
conducting the study in early 2008 to investigate this possible new category,
which would support the development efforts and reward best practices of
diamond producers.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080110/AQTH015LOGO)
"Fair Trade Certified diamonds have the potential to deliver unprecedented
benefits to populations currently experiencing severe disadvantages in the
diamond trade," said Paul Rice, CEO of TransFair USA.
These populations include both independent miners working in artisanal
mining communities -- more than a million of whom live on less than
$1 per day -- and wage laborers in larger, industrial-scale mining operations,
who may have development needs and may potentially face exploitative labor
practices, unfair wages, and severe health and workplace hazards in certain
situations.
"As the U.S. is the single largest market for diamonds in the world, it is
highly appropriate for TransFair USA to play a leading role in exploring the
feasibility of whether the Fair Trade Certification model is transferable to
this challenging industry. We look forward to collaborating with our global
network of allies to address this critical issue in the complex environment of
diamond mining and trading," added Rice.
TransFair will explore the feasibility of developing a Fair Trade
Certified standard for the diamond industry, which has long been criticized on
social and environmental issues. The study will explore a certification system
that could potentially provide significant benefits across the supply chain,
thereby reducing conflict and improving workers' rights; community relations;
environmental, health and safety practices; all while aimed at improving the
bottom line of participating miners and companies.
The Tiffany & Co. Foundation helps its company broaden the scope of its
corporate giving efforts with grants to nonprofit organizations dedicated to
the education and preservation of the arts and environmental conservation.
Responsible mining efforts have been one of the primary means of fulfilling
this mission.
For more information on The Tiffany & Co. Foundation, see
http://www.tiffanyandcofoundation.org
Media Contact: Linda Buckley, (212) 277-5900
About TransFair USA: http://www.FairTradeCertified.org.
TransFair USA is the only independent, third-party certifier of Fair Trade
Certified(TM) products in the United States. TransFair USA audits and
certifies transactions between U.S. companies offering Fair Trade Certified
products and their international suppliers to guarantee that the farmers and
workers producing Fair Trade Certified goods were paid fair prices and wages.
TransFair USA certifies coffee, tea, herbs, vanilla, cocoa, chocolate, rice,
sugar, bananas and flowers. TransFair USA is a member of the Fairtrade
Labelling Organization (FLO), the international governing body for Fair Trade
Certification standards with 23 members worldwide. http://www.fairtrade.net.
SOURCE TransFair USA

Linda Buckley, +1-212-277-5900, for TransFair USA