The Tiffany & Co brand is the epitome of a luxury brand. Though the products they make and sell are of the highest quality available, the prices that they are able to charge for their products are so much higher than other brands because of the aura of luxury associated with their brand.
In this article, we look at the reasons Tiffany & Co jewelry is so expensive and conclude with some thoughts as to whether the prices you would pay for a piece of Tiffany jewelry are justified.
History And Reputation
Tiffany & Co is one of the few brands that have lasted the test of time. Having been around for nearly 200 years, the brand has survived dozens of wars, recessions, conflicts, and weathered more storms than most other brands to date.
Tiffany & Co has been around so long, that even Abraham Lincoln purchased Tiffany & Co jewelry for his wife.
This historical prestige is a testament to their quality and endurance in the luxury market. For those intrigued by the legacy and craftsmanship of Tiffany & Co. but seeking additional options, Teach Jewelry offers a curated selection of articles that discuss various esteemed jewelers and provide a thorough comparison with Tiffany, including insights into the offerings from online retailers like Blue Nile.
Throughout that time they have perfected the art of luxury, and understand more than anyone else that when you purchase a Tiffany & Co product, you’re not purchasing jewelry. You are purchasing experience. You are buying a feeling. You are paying a large sum of money for the feeling you get, knowing that not many other humans have got something that you have, and the feeling that gives you is priceless.
Highest Grade Gemstones
Tiffany & Co only use the highest-grade gemstones in their jewelry.
They reportedly reject over 99% of the gemstones that are offered to them. They are known to be one of the pickiest jewelry brands because of their relentless quest for only the highest-grade gemstones.
Tiffany understands that diamonds are status symbols for those who buy them for their loved ones and those who wear them. When you buy and wear a piece of Tiffany & Co jewelry, you are not wearing it because it is good value or comfortable. You are wearing it because of the fact that you own, or are wearing a piece of Tiffany jewelry sends a message to all those around you about you and who you are in the world.
The diamonds included in Tiffany jewelry are rated on three dimensions, based on the color, clarity, and cut of the diamond.
As a result, if you ever want to sell designer jewelry like Tiffany & Co, you are likely to find the process a lot easier, than if you were selling a lesser-known brand.
In the jewelry industry, there is a lot of disagreement over the ethics of diamond supply. Diamonds are mined from the ground and are very rare and valuable, so the companies that are sourcing these diamonds can be ruthless in their quest to find more.
Many of these diamond mines are in third-world countries, and the miners that work in these mines often work very hard, in very poor conditions, for a very low wage, and there are even allegations that some of these people are in slavery.
Tiffany & Co have made a pledge to only source their diamonds from ethical suppliers, who harvest the diamonds and treat their staff in humane ways and standards that Tiffany customers would find acceptable.
This is a significant statement for Tiffany & Co to make and gives them further justification and branding benefits, that allow them to charge a very high price for their jewelry products.
Design And Craftsmanship
In addition to not compromising on the standard and source of the diamonds used in Tiffany & Co jewelry, they also do not compromise on the quality and craftsmanship in the rings and necklaces that feature these diamonds.
Tiffany & Co only uses the most experienced jewelers, with artisan reputations and exquisite work history. The Tiffany & Co craftsmen really do view themselves as artisan creators, not simply jewelers who make rings, necklaces, and other pieces of jewelry.
There is no factory production line, for Tiffany & Co jewelry. Every single piece is handmade from scratch. Each ring is customized and built to fit around the gemstone that will be the feature of the ring.
One of the cheaper Tiffany Rings will have had around 50 hours of craftsman labor built-in ring and the more expensive pieces of Tiffany jewelry would have had literally hundreds of hours of time invested into the piece of jewelry.
The Tiffany Experience
Tiffany has built its brand around the experience and feeling you have when you interact with Tiffany staff, Tiffany locations, and pieces of Tiffany jewelry.
Tiffany & Co understands better than any company in the world that their success hinges on the feeling that you have with their products. They don’t thrive on the quality or value of their products. They thrive on their reputation.
From the logo to the blue box with a white ribbon that houses your Tiffany jewelry, every single part of your experience with a Tiffany & Co brand has been manufactured for maximum pleasure.
As one of the world’s leading luxury brands, Tiffany & Co has transformed the way that brands can connect with current and potential customers. Given the nature of the luxury experience that Tiffany & Co creates in their physical locations, they can’t do this to the extent that a lot of other retail brands can.
As a result, they need to be very creative in the way that people become aware and stay aware of Tiffany & Co. They have done this in many very successful ways and even invented the ‘influencer’ concept.
While Tiffany & Co.’s high-end jewelry can be a worthwhile investment, I understand it might not be within everyone’s budget. The good news is there are many other brands offering luxurious and stylish accessories at a more affordable price.
For instance, Coach, a renowned brand in the world of fashion, offers a wide variety of handbags, accessories, and even jewelry, all carrying the brand’s distinctive style and quality.
If you’re considering exploring what Coach has to offer, I have a special treat for you. Use the Coach promo code for a discount on your first purchase. This is a fantastic opportunity to indulge in a little luxury without breaking the bank.
Inventing The ‘Influencer’
Over the years Tiffany & Co have selectively chosen celebrities and people in the public eye, and then dressed them in Tiffany & Co jewelry. This is very smart on multiple levels.
Firstly, by working with celebrities and well-known people, they expose their products to a large audience.
Secondly, by being very selective with the people they choose to showcase their products through, they subtly connect their products with those people and become aspirational for the fans of those individuals.
But they have not limited themselves to simply equipping celebrities with their luxury products. Tiffany & Co also manufactures the Super Bowl trophy each year, which gives them enormous exposure to a whole other cohort of the population.
These are just two examples of ways Tiffany & Co market its brand very successfully, but they are many other strategies used we have not mentioned in this article.
Tiffany & Co is the epitome of a luxury brand. Though their products are of world-leading quality, made from the most exclusive materials available, the reason Tiffany & Co are able to charge extremely high prices for their products is so much more than the quality of the products.
Though quality is the underpinning of a good luxury brand, Tiffany & Co understands that the experience you have when you interact with their brand and the feeling you have when you own and showcase a piece of Tiffany & Co jewelry is the thing that allows them to charge such high prices.
Over literally hundreds of years, Tiffany & Co has steered their brand through difficult world events and has come through stronger than ever. By focusing on customer experience via brand reputation, they can sell their products for multiple times more than the nearest competitor, even for jewelry of equivalent quality.
At this point, we would also like to mention the company Haverhill, which is an excellent fine jewelry personalized alternative to Tiffany. Be sure to check them out as well!