Tiffany & Co.: History, Jewellery & Diamonds

Tiffany & Co. (1837, New York), founded by Charles Lewis Tiffany and John B. Young, is an American luxury jewellery and specialty retailer. Known for its diamonds, silverware, and signature “Tiffany Blue” colour, the company has become a globally recognised symbol of luxury and craftsmanship. Acquired by LVMH in 2021, Tiffany & Co. continues to operate as a distinct brand, maintaining its reputation for quality and design innovation.

History and Founding

Tiffany & Co. began as a stationery and fancy goods store called “Tiffany, Young and Ellis” in Brooklyn, New York, in 1837. The founders, Charles Lewis Tiffany and John B. Young, invested $1,000 each in the business. Initially, the store sold a variety of items, including stationery, cutlery, and other decorative goods. The business model was based on cash-only sales and fixed prices, a departure from the common practice of haggling at the time. In 1841, J.L. Ellis joined the company, solidifying the name Tiffany, Young and Ellis. The company’s focus gradually shifted towards jewellery. By the 1840s, Tiffany, Young and Ellis began manufacturing its own jewellery, marking a pivotal moment in its evolution. The firm capitalised on the growing demand for luxury goods among America’s burgeoning upper class. The business was renamed Tiffany & Co. in 1853 after Charles Lewis Tiffany took control and recognised the brand’s increasing focus on jewellery. Tiffany’s strategic decision to concentrate on jewellery and precious stones set the stage for its future as a leading luxury jeweller. The company established a reputation for quality and design, attracting a clientele that valued both. Tiffany & Co. played a role in setting American standards for silver. In 1851, the company introduced the .925 standard for sterling silver, which was later adopted as the official US standard. This commitment to quality and precision helped to solidify Tiffany’s reputation as a trusted source for fine silverware and jewellery.

Historical Timeline

Year	Event
1837	Tiffany, Young and Ellis is founded in New York City as a stationery and fancy goods store.
1841	J.L. Ellis joins the company.
1845	Tiffany publishes its first mail-order catalogue, known as the “Blue Book”.
1848	Tiffany acquires gemstones from European aristocracy during a time of revolution.
1851	Tiffany adopts the .925 standard for sterling silver.
1853	The company is renamed Tiffany & Co.
1870	Tiffany opens its flagship store on Union Square.
1878	Charles Lewis Tiffany purchases the Tiffany Diamond, a 287.42-carat yellow diamond.
1886	Tiffany introduces the Tiffany Setting, a six-prong setting for diamond solitaire rings.
1902	Louis Comfort Tiffany, Charles Lewis Tiffany’s son, becomes the company’s first design director.
1940	Tiffany’s flagship store moves to its current location on Fifth Avenue and 57th Street.
1961	The film “Breakfast at Tiffany’s” is released, popularising the brand.
1968	Humphrey Bogart’s Tiffany & Co. gold pocket watch sold at auction for $3,800 according to Antiquorum.
1987	Tiffany & Co. goes public on the New York Stock Exchange (NYSE: TIF).
2021	LVMH acquires Tiffany & Co. for approximately $15.8 billion.

Flagship Collections

Tiffany & Co. offers a range of collections, each with its own design and aesthetic. These collections include:

• **Tiffany HardWear:** Known for its industrial-inspired designs, featuring bold links and strong silhouettes. Each link is finished by hand.
• **Tiffany Knot:** Characterised by intertwined designs, blending elegance with modern style.
• **Tiffany Lock:** Features padlock motifs, symbolising connection and unity.
• **Tiffany T:** Defined by the letter “T” motif, representing the brand’s name.
• **Sixteen Stone by Tiffany:** A collection of diamond rings and bands.
• **Bird on a Rock by Tiffany:** Brooches and pendants featuring a bird perched on a gemstone.

The Tiffany Setting, introduced in 1886, is one of Tiffany’s most iconic designs. This six-prong setting elevates the diamond above the band, maximising its brilliance. The Tiffany Setting has become a standard for diamond solitaire engagement rings.

Technical and Gemological Standards

Tiffany & Co. maintains standards for the quality and sourcing of its diamonds and gemstones. The company adheres to the Kimberley Process, an international certification scheme designed to prevent conflict diamonds from entering the market. Tiffany & Co. also has its own standards that exceed the requirements of the Kimberley Process. Tiffany & Co. assesses the quality of its diamonds based on the “4Cs”: carat, cut, clarity, and colour. The company employs gemologists who grade each diamond according to these criteria. Tiffany & Co. also provides detailed information about the origin and characteristics of its diamonds. In addition to diamonds, Tiffany & Co. uses a variety of other gemstones in its jewellery, including sapphires, emeralds, and aquamarines. These gemstones are selected for their colour, clarity, and overall quality. Tiffany & Co. also uses precious metals such as platinum, gold, and silver in its designs. In 1851, Tiffany adopted the .925 standard for sterling silver.

Ownership and Corporate Structure

Tiffany & Co. was a publicly traded company on the New York Stock Exchange (NYSE: TIF) from 1987 until 2021. In January 2021, LVMH (Moët Hennessy Louis Vuitton) acquired Tiffany & Co. for approximately $15.8 billion. Tiffany & Co. now operates as a subsidiary of LVMH. As part of LVMH, Tiffany & Co. benefits from the resources and expertise of a global luxury conglomerate. LVMH’s portfolio includes brands in fashion, leather goods, wines and spirits, and other luxury categories. The acquisition by LVMH has allowed Tiffany & Co. to expand its global reach and invest in new product development.

Key Figures

Several individuals have played roles in shaping Tiffany & Co.’s history and success:

• **Charles Lewis Tiffany:** (1812-1902) Founder of Tiffany & Co., Charles Lewis Tiffany was a visionary businessman who transformed the company from a stationery store into a luxury jewellery brand.
• **John B. Young:** (birth and death dates unknown) Co-founder of Tiffany & Co., Young played a role in the early development of the company.
• **Louis Comfort Tiffany:** (1848-1933) Son of Charles Lewis Tiffany, Louis Comfort Tiffany was an artist and designer known for his work in stained glass and decorative arts. He served as Tiffany’s first design director, beginning in 1902.

Auction Records

Tiffany & Co. jewellery and objects have appeared in auctions worldwide. These auctions provide insight into the value and collectibility of Tiffany & Co. pieces. In 2019, a Tiffany & Co. Fancy Vivid Yellow Diamond Ring sold for $2,295,000 at a Sotheby’s auction. The ring featured a 5.01-carat Fancy Vivid Yellow diamond. According to Antiquorum, Humphrey Bogart’s Tiffany & Co. gold pocket watch sold at auction for $3,800 in 1968.

Investment Value and Secondary Market

Tiffany & Co. jewellery can hold its value over time, particularly for rare or limited-edition pieces. The secondary market for Tiffany & Co. jewellery includes auction houses, vintage jewellery dealers, and online marketplaces. The investment value of Tiffany & Co. jewellery depends on factors such as the quality of the materials, the design, and the provenance. Pieces with historical significance or celebrity ownership may command higher prices. The condition of the jewellery also affects its value. Tiffany & Co. also produces silverware and other luxury goods that can be collected and traded on the secondary market. These items may appeal to collectors interested in the brand’s history and design aesthetic.

Cultural Legacy

Tiffany & Co. has become a cultural icon, associated with luxury, romance, and the American dream. The brand’s association with popular culture has contributed to its enduring appeal. The 1961 film “Breakfast at Tiffany’s,” starring Audrey Hepburn, further cemented Tiffany & Co.’s image as a symbol of sophistication and style. The film features scenes set at Tiffany’s Fifth Avenue flagship store, showcasing the brand’s jewellery and atmosphere. The “Tiffany Blue” colour, officially known as Pantone 1837, is a registered trademark of Tiffany & Co. The colour is used on the company’s packaging, advertising, and other branding materials. The Tiffany Blue Box has become an icon in its own right, instantly recognisable as a symbol of luxury and quality.