Tiffany & Co. confirms that they are diamond masters and encompasses all that is luxury jewellery. With the jewellery trade comes conflict, generally in terms of ethical sourcing and trading of diamonds, gemstones and precious metals. To comply with ethical standards and remain one of, if not, the most exclusive luxury jeweller, Tiffany & Co. now operate exclusively with manufacturing. In fact Tiffany & Co. own and control majority of the channels of their organisation, in order to control the quality throughout the entire process.
Tiffany & Co. owns majority of the mines in which they gather their diamonds, gemstones and precious metals. Once the diamonds or precious metals are mined, they are processed in Tiffany & Co. workshops, where they are distributed to retailers and where the consumers can purchase these goods. This 100% sourcing and tracing, assures consumers with high quality and ethically sourced products. In fact, it is widely known that Tiffany no longer distributes and mines ruby gemstones due to inconsistencies with ethically trading these precious gemstones. Because of this exclusive distribution, Tiffany ensures it is the industry leader in the jewellery trade and allows itself to retail their products at a high price.
As an independent luxury retailer, Tiffany continues to ensure it contains an exclusive image with its choice of retail locations. Tiffany & co. retail locations are selectively distributed around the globe and are placed only in the established Central Business Districts of the world and popular shopping centres. For example, in Australia, Tiffany operates in the CBD of Sydney, Melbourne, Perth, Brisbane and Adelaide and the popular shopping centres in Bondi and Chadstone. The minimal locations in Australia retain the luxury image that Tiffany entails.
When you enter the selectively located store, the atmosphere, ambience and full service offered are what you expect from an industry leader but where to from here? In all honesty, without much change, Tiffany would still remain an industry leader because of the quality and heritage behind the product although, Tiffany have many growth strategies currently underway. The CT60 watch collection was recently launched to re-establish Tiffany as a watch leader and align them against Cartier and Rolex using Swiss manufacturing and movements. Tiffany has also released a new leather accessories range with Tiffany & Co. stamping similar to Yves Saint Laurent and Celine.
Therefore, instead of focussing on what they are renowned for, tiffany seemed to have moved away from exclusivity and the jewellery industry, toward an ambition of a luxury house. Will the name be enough to protrude them into a luxury house or will those sectors of the business simply get lost in comparison to the jewellery?
Below is videos in relation to Tiffany & Co. ‘Will You’ campaign and the making of the CT60 Chronograph Watch.
Information gathered through Tiffany.com.au