Tiffany & Co. is a name that screams luxury as few others can. With their flagship store on New York’s Fifth Avenue, and over 300 outlets around the world, Tiffany & Co sell a wide range of lifestyle products, but they’re still best-known for what they’ve been doing for most of their 180 years – jewelry.
For anyone wanting to pop the big question to their significant other, there’s nothing that says it quite like a Tiffany diamond ring in a blue box, wrapped with a white ribbon. And with prices of Tiffany diamond engagement rings starting at around $1,500, with more extravagant ones rising above $100,000.
Top Grade Gemstones
This one might seem obvious at first – diamonds are the ultimate symbol of status, so it doesn’t take a genius to work out what they’re going to come at a price. But when it comes to diamonds, you can put the price tag even higher because Tiffany doesn’t just use any diamonds. They’re known for being extremely picky about the gemstones they choose.
Tiffany rejects over 99% of diamonds, selecting only the very best, based on color, clarity, and cut. And add to this the fact that all diamonds are ethically sourced, and you can be sure that your diamond ring is of the very highest quality, as well as having a clear conscience. And all of this adds to the high price tag.
Tiffany’s jewelry isn’t just about the diamond it’s about creating a piece of jewelry for each gemstone that makes it stand out as much as possible. And for this job, They employs a team of highly skilled craftsmen, who are responsible for creating the ring, setting the stones, and polishing the finished item.
These tasks require minute attention to detail, most artisans having over ten years of experience – as well as a lot of time and patience. One of Tiffany’s simpler rings can take around 50 hours to complete; for more extravagant ones, that will probably be closer to 500 hours.
The Tiffany & Co. Experience
Buying a Tiffany item isn’t just about purchasing a piece of jewelry it’s about buying into an experience. From the moment you walk into a store, which is all located in the most exclusive districts of the world’s most upmarket cities.
Walking out with one of their trademark blue boxes – you’re bound to feel that you’ve entered into a world, filled with luxury, and even a touch of magic. They invest a lot in visiting their stores a really special experience and the result is that just mentioning of the name Tiffany fills them with a sense of wonder, all of which make their jewelry that bit more desirable, and worth the higher price.
Celebrity Tie-ins and Events
As there aren’t that many Tiffany stores around the world, a lot of people have never set foot inside one still they makes sure that their name is associated with the luxury worldwide. A pretty good answer would be to have their jewelry displayed at the most glamorous events with global TV audiences and for this; you couldn’t do better than the Oscars which is exactly what Tiffany does.
In the last few years, of all the jewelry worn by Hollywood A-listers at the Academy Awards, it’s safe to say that none has created more of a talking point that the necklaces created by Tiffany, which has been modeled by the likes of Kate Winslet, Anne Hathaway, Lupita Nyongo, Lady Gaga.
For people at home watching a sports game, they have covered that base covered too because the trophies raised by the winners of the Super-bowl and the NBA finals are created by none other than Tiffany. By being a talking point at such prestigious events, they cement their reputation as the go-to brand for classy jewelry and it all makes them more desirable, which further justifies the higher price tag.
History & Reputation
Tiffany is apart from a lot of their competition simply because they have got a name and reputation. And it’s not just about the number of years they’ve been operating – for the record, that’s just over 180 – it’s also about what you’ve done in those years.
In the 1880s, owner Charles Tiffany created an engagement ring that seemed novel at the time the diamond was raised by six supporting prongs, which allowed it to be struck by light from more angles, adding to its sparkle. Since then their creation has become not only an icon but the standard for most engagement rings.
The classic movie, Breakfast at Tiffany’s, starring one of Hollywood’s most glamorous stars ever, Audrey Hepburn. The film was released in 1961 Tiffany & Co received one of the best pieces of free publicity in history because Breakfast at Tiffany’s went on to become an all-time classic, with some of its more famous shots reaming timeless icons of glamour. And when publicity stands the test of time nearly 60 years later, this can only enhance the brand’s desirability.
Jewelry experts have pointed out that though Tiffany gemstones are extremely high quality, competitors sell gems of the same grade at lower prices – sometimes even under half the price of Tiffany. But as we’ve pointed out, buying at Tiffany’s is about more than buying jewelry – you’re buying an experience, even a piece of magic.
Tiffany makes a once-in-a-lifetime moment for a significant other, making it unforgettable. And with annual revenue of around $4 billion, it seems that customers are still buying into the Tiffany magic.