Tiffany & Co. is affirming its expertise in high-end jewelry by unveiling its most expensive product ever.
The World’s Fair necklace was unveiled Sunday at a Tiffany event in Dubai, United Arab Emirates, and is set with a total of 180 carats of diamonds, all in platinum . At its center is an 80-carat, D-color oval and flawless diamond inside for which Tiffany has dubbed the “Empire Diamond,” named for the iconic New York City icon in her hometown. of the jeweler.
And it is currently available for sale. While Tiffany declined to disclose the sticker price of the necklace, industry experts estimate that it will cost between $20 million and $30 million. This is the most expensive piece in the history of the jeweler after the famous 128.54 carats “Tiffany Diamond”, which is not for sale and has been labeled as “priceless” by Tiffany. While the Empire Diamond is up for sale, Tiffany hopes that whoever buys it will agree to lend it to special brand exhibitions.
Plans for the necklace were originally revealed by WWD in January. The design was inspired by a Tiffany necklace made for the 1939 World’s Fair, originally set with an aquamarine stone weighing over 200 carats.
When the 1939 World’s Fair was held at Flushing Meadows-Corona Park in the Queens borough of New York City, Tiffany set up an extravagant display of newly designed jewelry in the style Art Deco of America that this jeweler made its name.
In 2020, Tiffany archivists unearthed an early sketch for the necklace, which is depicted not with a pearl but as a very large diamond.
For Victoria Reynolds, chief gemologist at Tiffany & Co., the discovery of the sketch was coincidental. “Shortly after that, we were given the opportunity to work with an incredible 80 carat diamond and I looked at the diamond and thought, ‘This is how we reimagine it. [World’s Fair] necklace,” she said.
The 1939 iteration of the necklace was set with a 200-carat, 429-diamond aquamarine, and it cost $28,000 (or about $557,000 in today’s values). In contrast, today’s version features a total of 578 diamonds, including the Empire Diamond, plus 353 brilliant round stones and 224 custom-cut baguettes. The work took two years to complete from the initial concept stage.
According to diamond practice Tiffany & Co. As of mid-2020, Empire Diamond is fully traceable – it’s mined in Botswana, cut and polished in Israel and housed in Tiffany’s workshop in New York City.
Looking to further develop the design of the World’s Fair Necklace, Tiffany introduced an element of versatility. The Empire diamond can be popped out and attached to a ring by carefully removing a few small pins around the stone. Whoever buys the design gets lifetime service – a Tiffany jeweler will be on hand to convert the necklace into a ring or vice versa.
“It’s a new twist – something to add to it and improve from a technical point of view. We’ve taken our incredible goldsmith skills and state-of-the-art techniques to [evolve the piece],” Reynolds said.
The World’s Fair Necklace was unveiled on Sunday night in Dubai, where Tiffany hosted the fourth leg of its High Jewelery Blue Book event to sell its most distinctive designs of the year. The concept started in Shanghai in April, arriving in New York in September and LA in October. The Dubai Blue Book event, held at the city’s luxury multi-use ICD Brookfield Place, was co-hosted by the company. with Dubai Expo 2021.
Tiffany CEO Anthony Ledru said high jewelery remains as important to jewelers as ever and the category is gaining traction in the global market. “We are seeing a very dynamic trend in high-end jewelry and are experiencing the highest ticket sales in our brand history.
“This year’s Green Book collection has been very well received – especially with our renewed focus on the historical works of Jean Schlumberger. Money can’t buy history and money can’t buy style – our customers know this. As a result, we had a record year in China and the US for our high jewelery collection. Dubai is our next natural destination.”
Whereas in previous years, Tiffany hosted a huge gala to showcase her Blue Book collection in New York by flying to top priority collectors to view their latest works, Pandemic-related travel restrictions have prompted the jeweler to consider a more localized approach.
For Ledru, the strategy is rooted in Tiffany’s roots and has been so successful that he hopes to implement it more widely in the coming years. “Our founders have traveled the world to attend international fairs since Tiffany’s early days – an uncommon practice at the time,” he said. “Being present in all key markets around the world aligns with our corporate DNA and we will continue this legacy. We have a large global footprint and will build on that in each market with special events… This will give our clients the opportunity to engage with Tiffany’s authority in the diamond sector. and colored gems on a more intimate level. ”
The event in Dubai marks Tiffany’s first Blue Book event in the Middle East. Overall, in recent months, the luxury market has refocused their attention on the region, with events and marketing particularly concentrated in Dubai.
To this, Ledru said: “Dubai is a city of the future and a city of luxury… In Dubai there is respect for heritage and a passion for the future, innovation and invention – all the things that are important to Tiffany. Our clients in the Middle East are extremely knowledgeable and passionate about the finest quality gemstones and diamonds, set in the most intricate design and craftsmanship. While this is the first time we’ve shown the Blue Book collection in the Middle East, these markets will continue to be Tiffany’s focus going forward.”
The World Fair Necklace is Tiffany’s latest high-end initiative since its launch under LVMH Moët Hennessy Louis Vuitton. Two weeks ago, the jeweler revealed a collaboration with streetwear label Supreme. Increasingly, Tiffany focuses on her high-end jewelry designs in advertising campaigns and social media posts as a means of enhancing her brand buzz. The jeweler has photographed these precious pieces for celebrities like Hailey Bieber, Jay-Z and Beyoncé in ad campaigns aimed at younger shoppers.
Reynolds, who designs and creates some of Tiffany’s most valuable designs, said: “I think it really solidifies our position as diamond king for the past 185 years. There is nothing new about our commitment to selling incredible stones of extraordinary design and craftsmanship. It’s the continuation of an incredible legacy and history… It’s part of our DNA and part of who we are as we grow with many exciting things ahead. ”
https://wwd.com/accessories-news/jewelry/tiffany-co-expensive-design-1235000675/ Tiffany & Co. reveals the most expensive design in its history – WWD