BREXIT AT TIFFANY’S
UK’s 700-year- old hallmarking trade loses lustre as iconic jeweller considers using Amsterdam after we quit the EU
IT IS one of the best-known jewellery brands in Britain – and has been proudly hallmarking its wares here for more than 100 years.
But now Tiffany & Co may move its hallmarking operation to Europe because of Brexit to avoid being caught up in potential trade disputes.
It is feared other major global brands may follow suit, which could cost millions of pounds and put hundreds of skilled UK jobs at risk.
For 700 years, Britain’s hallmarks on precious metals such as platinum, gold and silver have reassured customers around the world that the jewellery they are buying is of the correct purity and weight. But some EU countries, including France, Italy and Spain, may choose not to recognise British hallmarks after we leave the EU in 2019. ‘Brexit is a disaster for British hallmarking,’ said Dr Robert Organ, deputy warden at the Goldsmiths’ Company Assay Office in London. ‘There is a real fear our customers who use the UK as a distribution hub will move their business elsewhere in the EU.’ The Antiques Trade Gazette has reported some of the largest global jewellery firms are preparing to switch their hallmarking from London to EU countriescoun such as the NetherlandsNeth to maintain hallmarkshal recognised in the European Union.U Now several industry sources have told The Mail on Sunday that Tiffany & Co is one, planningp to move itsit hallmarking operationsop from LondonLon to Amsterdam. TiffanyTiffa currently uses Britain as its distribution hub for Europe. It flies its jewellery into Heathrow, where it is picked up by the security firm Brink’s. It is then checked and hallmarked by The Goldsmiths’ Company office before being distributed to stores across the UK and Europe.
One insider said: ‘Tiffany’s is worried it will not be able to sell items in places such as France and Spain if they play hard ball after Brexit and do not recognise British hallmarks.
‘At the moment they have to accept British hallmarks because we are in the EU. But if British hallmarks are shunned by EU countries, the most sensible option would be to get the jewellery marked in the Netherlands.’
Another source, involved in the transportation of high-value jewellery, said: ‘If Tiffany stops sending jewellery to be hallmarked in the UK, other big US brands will follow. It will mean job losses at the Assay Offices and in the logistics chain.’
A Government spokesman said: ‘Our ambition is to work towards a future agreement with the EU, which includes securing the freest and most frictionless trade possible.’
Tiffany did not comment.