Tiffany Closes Yellowknife Diamond Polishing Plant
January 25, 09
Tiffany and Co.'s Laurelton Diamonds polishing plant will close on February 19, the company said Wednesday in a release, issued shortly after the company laid off 25 employees.
Laurelton, a subsidiary of Tiffany, said the reason for the closure is “the lack of opportunity for rough diamond supply.”
The subsidiary is a rough diamond trading and manufacturing firm with operations in Belgium, Vietnam, Canada, Botswana and South Africa. The company manages the worldwide supply chain that cuts, polishes and supplies finished stones to Tiffany.
Laurelton currently has polishing facilities in South Africa, Vietnam and Botswana. It also has a purchasing office in Belgium and a gemological laboratory in Pelham, New York.
The company’s Yellowknife polishing center, located in Canada’s Northwest Territories, focused on cutting and polishing high quality Canadian diamonds in its 12,000-square-foot facility.