Ever since Tiffany & Co started in 1837, they have been known for their luxury products. From engagement rings to silver, their items have always been of the highest craftsmanship. What they are likely most known for though, are their diamonds.
Even at the beginning, Tiffany & Co. knew that diamonds would be part of their lasting legacy. From famous family patrons, celebrities or the average consumer, everyone wanted and still wants a Tiffany diamond. Tiffany’s diamonds are special for many reasons. First, they work very hard in making a product they can be proud of, starting from scratch. Following the Kimberley Process, as well as exceeding it, Tiffany purchases only from known mines that are both environmentally and socially ethical. They hold themselves responsible for their supply chain, starting with mining then cutting, polishing, grading and setting. They aim to train and hire those from local mining communities for cutting and polishing. Tiffany’s website states that 94% of the polishers employed in their Botswana studios are hired from the local community.
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Table of Contents
- 1 Why Are Tiffany Diamonds So Expensive?
- 2 How expensive are Tiffany engagement rings?
- 3 Why do Tiffany engagement rings cost so much?
- 4 The Tiffany Blue Box
- 5 Quality And Workmanship
- 6 A Lifetime Of Service
- 7 Markups And Costs
- 8 Commitment To Sustainability
- 9 Buying An Engagement Ring From Tiffany & Co.
- 10 What Are Tiffany & Co. Alternatives?
- 11 Are Tiffany GIA certified?
- 12 Are Tiffany diamonds worth it?
- 13 The Tiffany diamonds that made history
Why Are Tiffany Diamonds So Expensive?
Tiffany diamonds are lauded as the most carefully selected and audited diamonds in the market. Their metal is made exclusively of 925 sterling silver which matches the shimmer and shine of the diamond crystal.
However, Tiffany diamonds are about way more than just crystals and metal stacked upon each other. Buying a Tiffany diamond means you are buying a piece of the second most powerful jewellery brand in the world with about 180 years in expertise.
For a brand such as Tiffany, the name is everything. Presentation and execution have to be exact and to perfection. The shine and brilliance of the diamond crystal have to be just right. They take every painstaking effort to maintain the image that everybody holds of the company.
This means that Tiffany spends a huge part of its budget, creating awareness of their brand, making their presence felt, and leaving a lasting impression in the minds of the market. Their brand is all about style, fashion, elegance, class, sophistication, affluence, and exclusivity.
What doesn’t a girl dream of getting a little blue box with a Tiffany engagement ring inside? If you are thinking about buying a diamond ring, you may have wondered: just how much do Tiffany engagement cost? Our luxury engagement ring experts will explain how much Tiffany engagement rings cost, and how expensive they are, why they command their prices and where you can buy Tiffany engagement rings at the best cost.
How expensive are Tiffany engagement rings?
The cost of a brand new Tiffany engagement rings can start at $1,500 with extravagant rings costing well over $100,000. The exact cost of a Tiffany engagement ring depends on the size and quality of the ring’s centre stone as well as the complexity of the setting.
As not everyone has the funds to purchase the perfect Tiffany engagement ring, shopping for pre-owned Tiffany rings is a financially savvy solution. By shopping pre-owned, you can enjoy beautiful Tiffany engagement rings at a fraction of the retail cost. Professionally polished and refurbished pre-owned diamond rings will look brand new. At Gemma by WP Diamonds, we sell a wide array of pre-owned Tiffany engagement rings in excellent condition starting as low as $125. And to make your engagement ring even more affordable, we provide easy monthly payment plans through our partner Affirm.
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Why do Tiffany engagement rings cost so much?
There are three main reasons why Tiffany engagement rings are so expensive and cost so much:
Craftsmanship: Tiffany is renowned for the exceptional craftsmanship and beauty of their engagement rings. It takes over a year for a single Tiffany engagement ring to be produced to ensure that it lives up to Tiffany’s rigorous standards. The brand employs over 1,500 expert diamond cutters and polishers who work to maximize the beauty of each diamond, guaranteeing that the diamonds are always bright and vibrant. Every ring setting is handcrafted to accommodate its respective diamond best and enhance the stone’s beauty.
Gemstones: Tiffany engagement rings can feature an array of gemstones such as diamonds, sapphires and tanzanite. Using only the highest quality gemstones in their creations, these are sourced from exceptional raw materials. Diamonds, for instance, are always Excellent cuts, have great colour and clarity grades and never have strong fluorescence. All engagement rings come with either a Tiffany Diamond certificate or GIA certificate to illustrate the exceptional quality of their engagement rings. Both labs are revered in the diamond industry for their precise diamond assessments. As of 2019, Tiffany began including the country of origin in the paperwork for their diamond engagement rings, illustrating their commitment to sourcing diamonds that come from ethical and environmentally friendly mines.
Reputation: Since the brand’s creation, Tiffany & Co. has been synonymous with exceptional quality, creativity and luxury. You are not only paying premium prices for the high-quality materials and craftsmanship that goes into every piece of jewellery, but also for the Tiffany name and their iconic little blue box.
Check out our post on How do you accessorize a wedding?
The Tiffany Blue Box
Your Tiffany jewellery comes in a box in an iconic, distinctive colour known as Tiffany Blue, sometimes also referred to as robin’ s-egg blue or forget-me-not blue.
Tiffany trademarked the Tiffany Blue in 1998. The Pantone Matching System even created a custom Pantone number “1837” for Tiffany Blue, named after the year Tiffany & Co. was founded.
Trademark colours apply within the same industry. This means that other jewellers cannot use the same Tiffany Blue for their products. You can also personalize your Tiffany Blue ring box by embossing it with initials, a monogram or a date.
Quality And Workmanship
How do you know if you are getting what you paid for?
Understanding the 4Cs (colour, clarity, cut and carat weight) is the step to buying an engagement ring. Most diamonds come with a report from the Gemological Institute of America (GIA) to certify the diamond’s authenticity. The GIA certificate that includes the diamond’s carat weight, as well as the grading for the diamond’s cut, clarity and colour.
However, for Tiffany diamonds, they come with their own Tiffany Diamond Certificate, issued by Tiffany & Co. to certify the authenticity and integrity of Tiffany diamonds. Tiffany’s Full Lifetime Warranty backs the Tiffany Diamond Certificate.
A Lifetime Of Service
The size of our fingers could change during different stages of our lives, especially when there is significant weight loss or weight gain. This requires the ring to be resized for the owner to wear it.
With time, the ring could also lose its shine, and the diamond could become loose in its setting. Your ring requires periodic cleaning and polishing to get it back to its original, shiny state. The prongs might need to be tightened to ensure that the diamond is still secure. The last thing you want is to realize that the centrepiece of your ring, the diamond, has dropped out.
Resizing, cleaning and tightening needs to be done by a professional, a service that costs money. Brand name jewellers like Tiffany & Co. offer customers this complimentary, lifelong service. This means after purchasing your ring from Tiffany & Co., and you won’t need to pay for these services done for you in the future.
Markups And Costs
Premium location, premium prices, especially in Singapore.
Located in the heart of Orchard Road, Tiffany & Co has a large two-story storefront at Ion Orchard, a prime location along Singapore’s famous shopping street. Besides Ion Orchard, Tiffany & Co. also has six other branches in Singapore at locations such as Marina Bay Sands, Sentosa and Changi Airport.
As a large global brand, Tiffany & Co. has the financial flex to spend on marketing, advertising and branding. In 2017, marketing costs were about 7.6% of Tiffany’s 2017 sales, which is a whopping $319 million.
Smaller, custom jewellers, on the other hand, pay for rental at more affordable locations such as heartland malls and industrial estates. They also do not have the scale to carry out such extensive marketing. For many jewellers, these cost-savings are then passed on to consumers.
Commitment To Sustainability
Tiffany & Co. are committed to the sustainability of our natural environment. They source the majority of their rough diamonds and metals directly from mines they know and from recycled sources. Tiffany & Co. also believe in investing in the local communities that they operate in. This is done through means such as local hiring, fair wage practices and training and development at their workshops around the world. Tiffany & Co. also manufacture the majority of their products themselves, cutting and polishing diamonds at their workshops.
Besides ensuring that their diamonds are sourced ethically and responsibly, they are also focused on ensuring that their famous Blue Boxes are made with paper from sustainable sources and recycled materials.
With these factors, it’s easy to see why Tiffany & Co. rings come with a hefty price tag. However, there is only supply with demand. There are still many consumers that would choose to purchase an engagement ring from a luxury jeweller that is known all over the world. From the moment you take that Tiffany blue box out of your pocket, everyone would already know it’s a ring from the one and only Tiffany & Co.
Buying An Engagement Ring From Tiffany & Co.
There are perks to purchasing jewellery from luxury brand names like Tiffany & Co. You enjoy top class service the moment you walk through the doors (you won’t even need to lift your hand to open the door). Many of these branded jewellery stores also offer a lifetime of post-purchase service.
With their long history, these luxury brands have built a name for themselves. This contributes towards their branding as a reputable, luxurious jeweller, giving consumers more assurance on the quality of their products and the trustworthiness of the company.
However, buying a ring from Tiffany & Co. comes at a high cost. Not only are you paying for something that is already expensive in nature, but you are also paying for additional costs such as the rental, marketing, branding, certification, sustainability and service.
While these factors are some of the reasons behind the high price Tiffany & Co. charges for their jewellery, many other brand-name jewellers offer similar value propositions.
What Are Tiffany & Co. Alternatives?
There Are also custom jewellers and other smaller jewellers present in the industry that are able to offer customers greater value for money.
While brand-names come with trust, service and authenticity, many of these custom jewellers provide diamonds with the same GIA certificate as the big boys. Some of these custom jewellers also provide services such as engraving and complimentary resizing or polishing (though some might charge one-off fees to get the job done).
In recent years, synthetic, man-made, lab-grown diamonds have become more commonly accepted. According to Crystal Market Research, the global synthetic diamond market is forecast to grow to $28.6 billion by 2023 from around $15 billion in 2014. Even the market leader in the diamond industry De Beers has launched their own launch its own laboratory-grown diamonds through their Lightbox jewellery brand.
With the naked eye, it’s difficult to differentiate synthetic from real diamonds. Not only are these synthetic diamonds cheaper, but they are also becoming more accessible. You can now find these synthetic diamonds in Singapore through stores such as Orro, Gordon Max and IUIGA.
Are Tiffany GIA certified?
Additionally, Tiffany grades all their diamonds in the house. They have their own laboratory, the Tiffany Gemological Laboratory, in New York City. The use of their own lab, as opposed to other labs such as the Gemological Institute of America, allows them to be fully accountable for their grades. Much like the supply chain, Tiffany is holding themselves responsible for all aspects of grading. They say their grading system is similar to the GIA, but with stricter standards. If a stone is borderline on any characteristic, they will go down in grade in order to guarantee the stone is exactly as is stated.
Are Tiffany diamonds worth it?
Overall, they grade similarly to other labs, in terms of giving a Carat Weight, Color, Clarity and Cut. The most important, for Tiffany, is the cut as they only sell diamonds with Excellent Cut Grades. This alone is part of the reason their diamonds are worth it. They don’t have other cut grades for you to choose from as they only offer the top quality. Additionally, they only offer I Color or whiter and no stones with strong fluorescence. It is said that they don’t sell diamonds with the following inclusions: Clouds, Chips, Extra Facets, Knots, Laser Drill Holes, Surface Inclusions or Visible Black Inclusions. They take pride in their diamonds and want only the most luxurious. They boast that 99.96% of the world’s gem-grade diamonds are rejected. They are very picky!
The Tiffany diamonds that made history
Not only does Tiffany produce many engagement quality diamonds, but they also have crafted some extraordinary famous diamonds. One of the largest yellow diamonds ever discovered is the Tiffany Yellow Diamond. Supposedly discovered in 1878 in the Kimberley mine in South Africa. Charles Tiffany purchased the stone as rough at 287.42cts. He then had Tiffany’s top gemologist, George Frederick Kunz, study the stone for over a year before having it cut in Paris. Kunz was not just known for being Tiffany’s gemologist, and he also helped create and promote the metric carat as a weight standard for gems. Once cut into an Antique Cushion, the Tiffany Yellow was left at 128.54cts. Jean Schlumberger, a whimsical French jewellery designer, mounted the stone in his famous ‘Bird on a Rock’ setting. It was apparently only worn by two individuals, Mrs. Sheldon Whitehouse, a socialite from Rhode Island and Audrey Hepburn during a publicity photo for Breakfast at Tiffany’s.
Taking into consideration that their diamonds are ethically sourced; that they have their own laboratory and popularity does that make a Tiffany diamond worth it? For some, yes. The fact that you are getting only a top cut diamond is very important to many people. If you are looking for the top of the top, Tiffany will have it. Can you find these diamonds elsewhere for cheaper? Likely, yes. There any many ethically sourced, high-quality diamonds out there. They don’t come with the prestige of a Tiffany diamond, but when it comes to pure diamond value, they are likely the same. Additionally, when it comes to re-selling your diamond down the road, many people would prefer a GIA certificate to a Tiffany Certificate. Tiffany does boast that they grade their diamonds better than GIA, but the fact is, GIA has the highest reputation when it comes to diamond gemological reporting.
When purchasing a diamond, it is important to understand what you want to get out of it, and if quality diamonds and craftsmanship is part of it.
Keep in mind that purchasing an engagement ring is the start of the next phase of your journey. It is also the start of many other expenses that you would need to incur leading up to your actual wedding.