Tiffany Jewelers – The Diamond Certification Laboratory of Australia (DCLA)

Tiffany’s tickled pink to be grabbing the world’s last Argyle diamonds

“This is truly once in a lifetime,” says the jeweller’s chief gemologist of the 35 sparklers acquired from the now-closed mine in the Kimberley.

Vicky Reynolds wants to take you on a date with a diamond.

Reynolds, Tiffany & Co’s chief gemologist, has had the enviable task of chaperoning the final 35 Argyle diamonds sold around the world, meeting with potential buyers and discussing exactly how these incredibly rare and exceptional gemstones will be used.

It is, she says, “the stuff my dreams are made of. This is truly once in a lifetime.”

Reynolds has worked with New York-based Tiffany & Co since 1987 – almost as long as the Argyle diamond mine, owned by Rio Tinto, operated in Western Australia’s East Kimberley region (it opened in 1983). When the mine closed in 2020 due to finite resources, the final annual tender – ordinarily a highly anticipated and prestigious event on the gemstone calendar – was considered the hottest ticket going.

The Argyle mine produced 90 per cent of the world’s pink diamonds, and each year, only 50 to 60 were ever offered in an invitation-only tender process. So when Rio Tinto rang Reynolds after the tender, to offer Tiffany and Co a further 35 diamonds noted for their vivid pink and purple colour, she jumped at the chance.

Source: afr.com

Tiffany Buys Some of a Legendary Diamond Mine’s Last Finds

The new Tiffany Collection comprises 35 gems, including an unusual red stone, from the Argyle Diamond Mine in Australia.

About a year ago, a representative of the Argyle Diamond Mine — a site in Western Australia that was the pre-eminent source of pink diamonds until it closed in 2020 — approached Tiffany & Company’s chief gemologist with an unusual offer: the chance to purchase a collection of diamonds that were among the last stones taken from the mine.

The decision, Tiffany executives said, didn’t require much consideration.

“We had to do it,” Anthony Ledru, the brand’s president and chief executive, said in his bright office in New York’s Flatiron district. “It’s perfect with what we stand for.”

The purchase, which was finalized several months ago, involved 35 diamonds of various shades: pink, almost purple and even one red gem, an especially unusual color for a diamond. The gems, which had already been cut in various styles, “checked off all of those boxes: rarity, scarcity and beauty,” said Victoria Reynolds, Tiffany’s chief gemologist.

But the stones are small, ranging from 0.35 carats to 1.52 carats, considerably more petite than the statement-size gemstones frequently used in engagement rings and solitaire necklaces.

“These are small, there’s no doubt,” Ms. Reynolds said, “but for connoisseurs, collectors who understand how rare these are, it’s incredibly appealing.”

How much did the jeweler pay for what it now calls the Tiffany Collection? Mr. Ledru wouldn’t disclose the sum, but said it was “probably not enough compared to what it’s going to become in the next five, 10 years.” (He did note that it was Tiffany’s largest single purchase of 2022.)

Exactly how the diamonds will be used in jewelry hasn’t been decided, although Mr. Ledru said it was likely that they all would be used in one-of-a-kind designs. In the meantime, the diamonds are being shown to select clients in New York City and, next month, in Doha, the capital of Qatar.

The eventual prices are sure to be high. “You pay a premium for anything that says ‘Argyle pink diamond,’” said Renée Newman, an independent gemologist and author based in Los Angeles.

Source: NYT

Tiffany Necklace Breaks Records at Sotheby’s

*The Medusa necklace designed by Louis Comfort Tiffany*

The Medusa necklace, one of the earliest pieces designed by Louis Comfort Tiffany, sold for more than 18 times its high estimate at a recent Sotheby’s auction.

The piece, designed in 1904, was last seen at auction 78 years ago. It fetched $3.7 million against an upper estimate of $200,000 following 10 minutes of heated bidding, Sotheby’s said Wednesday. The pendant set a world auction record for a piece by the designer. In total, the December 7 Magnificent Jewels sale achieved $57.1 million, the second-highest figure for a jewelry auction at Sotheby’s New York.

Blue diamonds also performed well, with a cut-cornered rectangular modified brilliant-cut, 6.11-carat, fancy-intense-blue diamond ring garnering $8 million, or $1.3 million per carat, well above its high estimate. A ring bearing a cushion-cut, 3.01-carat, fancy-vivid-blue diamond flanked by two heart-shaped diamonds sold for $3.9 million, or $1.3 million per carat, within expectations.

Other notable items include a group of jewels from an American private collector, which features one of the largest private collections of Bulgari pieces ever to come to market, Sotheby’s noted. Some 93% of those items found buyers, realizing $9 million, above their combined $8.2 million high estimate.

Meanwhile, a ring set with a pear-shaped, 62.65-carat, D-color, VVS2-clarity diamond bracketed by two pear-shaped diamonds weighing 2.04 carats and 2.01 carats fetched $2.9 million, in the middle of its presale valuation. A ring containing a cut-cornered rectangular step-cut, 1.03-carat, fancy-red diamond framed by shield-shaped diamonds hammered for $2 million, the upper end of its estimate.

Sotheby’s sold 84% of goods on offer, with 68% of those achieving prices above their high estimates and 13 pieces going for more than $1 million. Participants came from more than 45 countries.

Source: Diamonds.net

Tiffany to Sell Its Most Expensive Diamond

Tiffany & Co. will offer a necklace featuring an 80-carat diamond, expected to be its most expensive piece ever, at the reopening of its New York Fifth Avenue flagship store next year.

The oval-cut, D-color, internally flawless stone, which the jeweler sourced from Botswana and will set in-house in New York, is at the center of the piece, Tiffany said Tuesday. It is also the largest diamond the company has ever offered. Only the 128.54-carat, yellow Tiffany Diamond worn by both Audrey Hepburn and Lady Gaga is larger, and that piece is not for sale.

*The original 1939 version of the necklace*

The jewel is a reimagined version of a Tiffany necklace created in 1939 for the World’s Fair, which features an aquamarine in place of the diamond. The unveiling of that piece set the stage for the original opening of the flagship store on the corner of 57th Street and Fifth Avenue in 1940.

“What better way to mark the opening of our transformed Tiffany flagship store in 2022 than to reimagine this incredible necklace from the 1939 World’s Fair, one of our most celebrated pieces when we opened our doors…for the first time,” said Victoria Reynolds, chief gemologist at Tiffany.

Source: diamonds.net

LVMH’s $16b Tiffany takeover is back on

The largest deal in luxury is back on after New York’s famed jeweller Tiffany agreed to a slightly reduced offering price from LVMH in Paris.

LVMH will now pay $US131.50 for each Tiffany share, putting the total price tag at $US15.8 billion ($22.5 billion), down from the $16.2 billion that was first offered earlier this year.

Having gotten the discount, LVMH's plans to buy Tiffany's are back on the cards. — Tiffany’s

The owner of Louis Vuitton, Christian Dior, Fendi along with a basket of wine and champagne brands, appeared to walk away from the acquisition last month after it said the French government had pushed for a delay because of the threat of proposed US tariffs. But the reasons for its cold feet seemed to shift, and there was pressure from investors on both sides to make a deal happen.

Rumours that the two luxury companies had rekindled talks began to surface in recent days.

“We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany,” LVMH’s billionaire CEO Bernard Arnault said in a prepared statement on Thursday.

Tiffany & Co’s flagship store in Sydney. The company has hired advisers to review LVMH’s offer but has not yet responded to it

Tiffany sues LVMH for reneging on $22b deal as France steps in
Tiffany, with its famed blue boxes, has in recent years attempted to regain the luster of the “Breakfast at Tiffany’s” era as its customer base ages.

It’s shifted its focus to younger shoppers and made a significant push online. The deep pockets of LVMH could go a long way in helping that transformation along.

LVMH, led by billionaire Arnault, a consumate dealmaker, believes Tiffany will strengthen its position in high-end jewellery and in the US market.

LVMH is also making a bet on China’s economy, where Tiffany has been expanding.

The buyout has been approved by the boards of both companies, and it’s expected to close early next year.

Source: SMH

Tiffany Promises More Transparency For Diamonds Amid Greater Concern Over Social Responsibility

Tiffany & Co. announced Tuesday it will share the full background of its newly sourced diamond rings, an industry first as it looks to attract customers who care about quality as well as social and environmental responsibility.

FRANCE-US-ECONOMY-LUXURY-LVMH-TIFFANY&CO — ffany & Co. will share more background on its engagement rings. AFP VIA GETTY IMAGES

KEY FACTS

As demand for lab-grown diamonds is on the rise, it is likely Tiffany and other jewelers want to assuage conflict diamond and sustainability concerns which have long plagued the diamond industry.

The 183 year old jeweler will provide a Tiffany Diamond Certificate with the diamond’s region or countries of origin as well as where it was cut and polished, graded and quality assured and set in jewelry starting this October.

Tiffany says disclosing the country where each stone is crafted and set marks a first for global luxury jewelers and follows last year’s announcement that Tiffany would become the first to provide the country or region of origin for its diamond rings.

Twenty years ago, diamond industry leaders including Tiffany’s adopted the Kimberley Process aimed at stopping the worldwide trade of conflict diamonds, which it defines as “rough diamonds used to finance wars against governments,” but critics have said the definition is too narrow and does not factor human rights and sustainability concerns.

In 2018, the advocacy organization Human Rights Watch evaluated whether 13 of the world’s major jewelry brands responsibly source their gems and minerals and Tiffany’s topped the list, still, the report found “none of the companies can identify all of their diamonds’ individual mines of origin.”

Despite recent “quarantine proposals,” Tiffany’s engagement jewelry sales dropped nearly 97% year-over-year from $280.4 million to $142.5 million in the first quarter of 2020 and total net sales dropped by nearly 45% from more than $1 billion to $555.5 million.

TANGENT

Nearly 70% of millennials would consider buying an engagement ring with a lab-grown diamond, according to a 2018 report from MVI Industries, a marketing research and analytics firm for the gem, jewelry and watch industries. Lab-grown diamonds have the same chemical composition as a traditional diamond but they are usually less expensive.

Source: Forbes

Tiffany Reports Recovery in China Sales

Tiffany & Co said its jewelry business is rebounding in China after the coronavirus pandemic and its merger with French luxury retailer LVMH is clearing regulatory hurdles.

The U.S. jewelry maker said Tuesday in an earnings release that its same-store sales were down about 44% in the fiscal first quarter as the pandemic shuttered shopping malls and stores across the globe. Yet CEO Alessandro Bogliolo pointed to China as “indicative that a robust recovery is underway.”

TIF swung to a net loss of $64.6 million, or 53 cents a share, from earnings of $125 million, or $1.03 a share, a year ago. Revenue fell 45% to $555.5 million.

Analysts were expecting Tiffany to earn three cents a share on sales of $701 million, but the coronavirus pandemic has made comparisons with estimates difficult to make.

The company has 324 stores worldwide. About 70% of the stores were closed as of April 30, when the fiscal first quarter ended.

Tiffany said its jewelry sales dropped off significantly in the three-month period. Engagement jewelry declined by nearly 50%, more than any other category.

The company said its focus on expanding business in China, investing in its websites and adding new jewelry products prior to the pandemic have made the company more resilient.

In China, same-store sales were down about 85% and 15% during the first and second months of the quarter, but have picked up again in April and May.

Shares galloped $2.53, or 2.1%, to $124.71 early Tuesday.

Source: marketwatch

Tiffany, Macy’s Among Retailers Closing US Stores

A growing number of US retailers, including Tiffany & Co., are temporarily shuttering all locations across North America in an effort to stem the coronavirus spread.

“Effective immediately, we’re temporarily closing all Tiffany stores in the US and Canada, as well as many other locations globally, to protect our teams, clients and communities,” the jeweler said in an Instagram post Tuesday. “Now more than ever it is time for us to take care of the ones we love.”

Macy’s closed all its stores nationwide as of close of business Tuesday, including its Bloomingdale’s department-store chain. However, all its brands will continue to operate via online sites and mobile apps, it noted.

“The health and safety of our customers, colleagues and communities is our utmost priority,” Macy’s CEO Jeff Gennette said Tuesday. “We will work with government and health officials to assess when we will reopen.”

J.C. Penney followed suit Wednesday, shutting all stores and business offices in the country, noting operations were currently slated to resume April 2.

Nordstrom has also announced it will suspend operations at all its North American stores, yet the company has limited the closure to a two-week period, it said. During that time it will offer curbside pickup for online orders. Meanwhile, Saks department store has shut its New York and Philadelphia locations, according to the Los Angeles Times.

Meanwhile, Pandora will not only close its US-based stores, but will shut locations in Italy, Spain, Germany and France, among others. It has also encouraged its franchisees and multi-branded partners in affected markets to cease operations voluntarily.

Signet Jewelers has not declared official plans to close any stores, but said it would follow the advice of the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC).

“Nothing is more important than the safety of our employees and customers,” David Bouffard, Signet’s vice president of corporate affairs, told Rapaport News Wednesday.

Signet shares were down 35% since start of trading on Wednesday, March 11, while Macy’s dropped 29% and Tiffany slipped 11%.

Source: Diamonds.net

Tiffany Provides Glimpse into Future Store Design

The brand’s innovative ‘style studio’ in London may be a preview of what to expect on Fifth Avenue.

With Tiffany & Co. refurbishing its flagship store on New York’s Fifth Avenue, there is a buzz of speculation on how the retailer plans to make the shop more interactive and appealing to millennials, as it has vowed to do. What people may not know, however, is that Tiffany has already made a similar move in London, opening a new, modern store that strikes a different tone than the one many consumers associate with the brand.

It may also provide a glimpse of how the famous Manhattan branch will ultimately shape up, since we’ll have to wait until the end of 2021 to see that one in its completed form.

A tale of two UK stores

The jeweler’s main London store, on upmarket Old Bond Street in the city’s retail-focused West End, couldn’t be more classic Tiffany. Its hanging sign, flagpole and clock help it blend in with the Cartier and Gucci shops around it, though the frontage is perhaps slightly more daring and appealing than some of its luxury neighbors’ stuffy window displays.

A mile to the east, Tiffany’s new “style studio” in the more informal Covent Garden neighborhood is a different type of space entirely. Situated in a trendy spot for tourists, it’s a light, enticing attraction for the millennial visitor, with large undecorated windows and a fresh interior that does away with the intimidating atmosphere luxury retailers can sometimes create.

Beyond jewelry

The room’s imaginative decor includes striking wall designs and simple tables that make browsing easy and fun. There are few or no engagement rings on display; the store mainly stocks fashion jewelry and other items, including products from Tiffany’s home-and-accessories line. There’s also a space in the back for events. On the day this reporter visited, that area had free ice cream on offer for a limited time, and customers seemed interested in what they were seeing.

Indeed, Tiffany calls the new location a “style studio” because it’s more than a jewelry store. A Tiffany-blue vending machine dispenses fragrances. Customers can draw images on a flat screen and then watch while workers engrave those designs onto jewelry or emboss them in leather. There’s also a Starbucks-like feel: Visitors can perch on stools at tables, charging their phones and laptops while they wait for their friends to turn up. An assistant said the store would serve coffee if a customer were sitting around long enough.

It’s unlikely to be an absolute blueprint for Tiffany’s Manhattan store of the future: That branch gets a fair chunk of its revenue from engagement rings and other high-end jewelry, which may require a different atmosphere. Yet Tiffany has said innovation will be central to the transformation of its flagship as it seeks to create a “dramatic new experience for customers.” It would be surprising if none of the Covent Garden space’s features ended up on Fifth Avenue.

Source:diamonds.net