Tiffany & Co jewelry will increasingly target fine jewelry

Tiffany & Co is an increasingly ambitious house. According to its CEO Anthony Ledru , the brand will invest heavily in organizing special sales events around the world and ever more opulent jewelry collections .

In January, parent company LVMH revealed in its 2022 annual earnings report that Tiffany doubled its high jewelry revenue during the fiscal year. Ledru appears to view this as a good start.

Tiffany: internationalization and upmarket move

“ We have become very international. In 2021, it was the first time that the Blue Book was international [in more than a decade]. It went to Shanghai, which was a great success. This year, it will be back in New York, and then it will be a traveling collection. The world has changed and we will increasingly take that into account, ” Ledru said.

This month, in Park City, Utah, Tiffany hosted its first Diamonds and Wonders fine jewelry event. The collection featured fine jewelry pieces from various Tiffany collections. The featured jewelry featured a focus on white diamonds . After the United States, the event will move to Shanghai on April 13. In May, it will be Sydney’s turn to host Tiffany and Co. jewelry.

The American house is not the only jeweler eyeing the high jewelry market. This segment is the priority of many designers in order to satisfy a clientele with big budgets looking for innovative designs and massive precious stones. For some buyers, collecting beautiful luxury jewelry has become a passion. In a way, we are witnessing a remake of the jewelry market of the period of the mid-to-late 19th century, which was a golden age.

What makes Tiffany & Co jewelry unique

The jewelry business has focused on colored diamonds and gemstones over the past 5 years. At Tiffany , however, diamonds are a trademark. They remain true to them, as Diamonds and Wonders proves. Ledru says his house creates its jewelry around exceptional gemstones, rather than adding stones as expensive decorations to luxury jewelry. This is a differentiator between Tiffany and Co and other fine jewelry brands.

The boom in high jewelry: who are the buyers of this jewelry?

According to Ledru, buyers of luxury jewelry come from everywhere. From the United States, Singapore, the Middle East, Paris and London. The popularity of luxury jewelry comes from the fact that many fortunes have been created in the last 10 years. In order to meet the demand, Tiffany now organizes daily events almost monthly.

In order to capture the demand of this booming market, Tiffany seems to organize high jewelry events or initiatives almost every month. This is particularly the consequence of the acquisition of Tiffany and Co. by LVMH. The brand is inspired by the best practices of the other houses in the group in order to support its growth. In particular by multiplying capsule-type initiatives and by internationalizing.

" There is a great appetite for fine jewelry, and Tiffany was perhaps a little too asleep in its ways, " Ledru said.

• Tiffany Celeste (Blue Book 2024)

Schlumberger: the most requested Tiffany jewels

According to Ledru, the most popular designs with customers often come from Tiffany’s Schlumberger jewelry collections. Shortly after Tiffany was acquired by LVMH in January 2021, the jeweler’s new leadership placed a new emphasis on Schlumberger’s archival designs originally designed in the mid-century. Ledru said Schlumberger will now become an even more important focal point for Tiffany’s fine jewelry designs.

For example, the resurrection of the Schlumberger Bird on a Rock brooch was a hit. Priced from €75,000 to €1 million, buyers are lining up on the waiting list. And the Bird on a Pearl brooch was just as successful. Around 70% of the collection sold at the collection’s launch event in Qatar. And this design will now inspire other jewellery pieces. “ Who buys brooches? Around 10% of fine jewellery lovers. So we’re going to take the bird theme from this brooch onto earrings, bracelets and necklaces, ” Ledru said.

Affordable jewelry is not disdained

Since arriving at Tiffany , Ledru seems obsessed with finding the right alchemy to ensure that Tiffany is " a magical place that makes all consumer categories dream ." In fine jewelry, there is sales growth to be achieved at the highest level while meeting the aspirations of a broader consumer base. The dream must remain accessible through less expensive jewelry . Tiffany also wants to satisfy fine jewelry purists and young people with more flexible codes.