Tiffany & Co jewelry will increasingly target fine jewelry
Tiffany & Co is an increasingly ambitious company. According to its CEO Anthony Ledru, the brand will invest heavily in organizing special sales events around the world and increasingly opulent jewelry collections.
In January, parent company LVMH revealed in its 2022 annual results report that Tiffany had doubled its high jewelry revenue during the fiscal year. Ledru seems to consider this a good start.
Tiffany: internationalization and move upmarket
“We have become very international. In 2021, it was the first time the Blue Book was international [in over a decade]. It went to Shanghai, which was a great success. This year, it will be back in New York, then it will be a traveling collection. The world has changed and we will increasingly take that into account,” said Ledru.
This month, in Park City, Utah, Tiffany held its first high jewelry event, “Diamonds and Wonders.” The collection presented featured high jewelry pieces from various Tiffany collections. The spotlighted jewels emphasized 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 & Co. jewels.
The American house is not the only jeweler eyeing the high jewelry market. This segment is a priority for many designers to satisfy a high-budget clientele looking for innovative designs and massive gemstones. For some buyers, collecting beautiful luxury jewelry has become a passion. In a way, we are witnessing a remake of the jewelry market from the mid to late 19th century, which was a golden age.
What makes Tiffany & Co. jewelry unique
Jewelry has focused on colored diamonds and gemstones over the past 5 years. At Tiffany, however, the diamond is a trademark. It remains faithful to it, as “Diamonds and Wonders” proves. According to Ledru, his house creates its jewelry around exceptional gemstones, instead of adding stones as expensive decoration to luxury jewelry. This is a differentiating element between Tiffany & Co. and other high jewelry brands.
The high jewelry boom: who are the buyers of these jewels?
According to Ledru, buyers of high-end jewelry come from all over. From the United States, Singapore, the Middle East, Paris, and London. The popularity of high-end jewelry stems from the fact that many fortunes have been created over the last 10 years. To meet demand, Tiffany now organizes daily events almost monthly.
To capture the demand of this booming market, Tiffany seems to organize high jewelry events or initiatives almost every month. These are notably consequences of LVMH's acquisition of Tiffany & Co. The brand draws inspiration from the best practices of other group houses to support its growth. This includes multiplying capsule-type initiatives and internationalizing.
“There’s a big appetite for high jewelry, and Tiffany was perhaps a bit too complacent,” said Ledru.
- Tiffany Céleste (Blue Book 2024)
Schlumberger: the most sought-after Tiffany jewels
According to Ledru, the most popular designs with customers often come from Tiffany’s Schlumberger jewelry collections. Shortly after LVMH’s acquisition of Tiffany in January 2021, the jeweler’s new management placed a renewed emphasis on Schlumberger’s archive designs originally conceived in the mid-century. Ledru said Schlumberger would now become an even more important focus for Tiffany’s high jewelry creations.
For example, the resurrection of the Schlumberger Bird on a Rock brooch was a hit. Priced from €75,000 to €1 million, buyers are scrambling to get on the waiting list. And the Bird on a Pearl brooch met with the same success. About 70% of the collection sold at the collection launch event in Qatar. And this design will now inspire other jewels. “Who buys brooches? About 10% of high jewelry enthusiasts. So we will take the bird theme of this brooch and put it on earrings, bracelets, and necklaces,” said Ledru.
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Affordable jewelry is not disdained either
Since his arrival at Tiffany, Ledru seems obsessed with finding the right alchemy to ensure that Tiffany is “a magical place that makes everyone dream” across all consumer categories. In high 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 high jewelry purists and younger generations with more flexible codes.
