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Today we're beginning a series of videos looking at the world’s classiest brands, and we’re specifically asking the question
And to start with, we’ve chosen a name that screams luxury like few others can - Tiffany and Co.
With their flagship store on New York’s Fifth Avenue, and over 300 outlets around the world,
Tiffany and 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 – jewellery,
and very-high-end jewelry at that.
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,
it’s clear that newlyweds-to-be are willing to pay quite a price.
So let’s dive in and ask ‘Why is Tiffany jewelry so expensive?’.
This one might seem obvious at first – diamonds are the ultimate symbol of status, so it doesn’t take a genius to work out that they’re going to come at a price.
But when it comes to Tiffany diamonds, you can put the price tag even higher.
That’s because Tiffany don’t just use any diamonds - in fact, 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 Tiffany diamonds are ethically sourced,
and you can be sure that your Tiffany 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.
Of course, 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, Tiffany employs a team of highly skilled craftsmen, who are responsible for creating the ring, setting the stones, and polishing the finished item.
All of 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.
Buying a Tiffany item isn’t just about purchasing a piece of jewellery – it’s about buying into an experience.
From the moment you walk into a Tiffany store – which are all located in the most exclusive districts of the world’s more upmarket cities
to 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.
Tiffany invest a lot on making a visit to 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.
As there aren’t that many Tiffany stores around the world, a lot of people have never set foot inside one
so how can Tiffany make 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 and most recently, Lady Gaga.
And what if you’re a potential customer of Tiffany’s wanting some jewelry for a special occasion,
but watching celebrities on the red carpet isn’t really your scene?
Maybe you feel more at home watching a sports game.
Well, Tiffany have that base covered too – because the trophies raised by the winners of the Superbowl and the NBA finals are created by none other than Tiffany.
By being a talking point at such prestigious events, Tiffany 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.
This is a final key ingredient that sets Tiffany’s apart from a lot of their competition
simply that when you’ve got a name and reputation like Tiffany, in people’s minds, you’re clearly in a class of year own.
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.
And you can be sure that Tiffany haven’t been slacking.
In the 1880s, owner Charles Tiffany created an engagement ring that seemed novel at the time
essentially, 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 Tiffany’s creation has become not only an icon but the standard for most engagement rings
try typing ‘engagement ring’ into your phone, and the emoji you’ll see will feature what’s called the Tiffany setting.
And when it comes Tiffany icons, we can’t finish without mentioning the classic movie, Breakfast at Tiffany’s,
starring one of Hollywood’s most glamorous stars ever, Audrey Hepburn.
Originally a novella by Truman Capote, when the film was released in 1961 Tiffany and Co received one of the best pieces of free publicity in history
because Breakfast at Tiffany’s went on to become and 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.
Aluxers, it has to be said that opinions are divided on this question.
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
and to make a once-in-a-lifetime moment for a significant other, making it with a Tiffany is bound to make it unforgettable.
And with an annual revenue of around $4 billion, it seems that customers are still buying into the Tiffany magic.
We're curious Aluxers, for a once-in-a-lifetime moment,
Let us know in the comments.
And, of course, for sticking with us until the end,
Earlier on we mentioned Lady Gaga’s appearance at the Oscars ceremony wearing a Tiffany necklace.
The necklace’s centerpiece is a huge yellow diamond, which was discovered in South Africa in 1878,
making the necklace one of the most expensive pieces of jewelry owned by Tiffany.
In fact, the Tiffany Yellow Diamond is estimated to be worth a staggering $30 million
the film that Lady Gaga was promoting, A Star is Born, cost only a little more to make, $36 million in the budget.
It’s also said that only a handful of people have ever worn the necklace, one of the others being none other than Audrey Hepburn,
while she was promoting Breakfast at Tiffany’s.
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