Tiffany signs agreement with Target

In a Mineweb report, it is learnt that Tiffany & Co has shown interest in selling precious stones of Target Resources - a diamond and gold mining company in Sierra Leone, and has signed a five-year marketing agreement with the company.

Tiffany's CFO James Fernandez mentioned, "This investment in Target is consistent with our policy of selectively investing in diamond miners who ethically mine high-quality stones. Sierra Leone is a well-known source of high-quality rough stones and Target's production to date has been encouraging."
According to the $5 million deal, Tiffany holds the right of first refusal on Target's output. Tiffany undertook to sell the stones that it is not interested in retaining for Target.