Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
Tiffany’s Sales in the Americas Are Up 8% So Far This Year
And CEO Alessandro Bogliolo teased the introduction of what the company describes as an “innovative diamond ring concept.”

New York—Tiffany & Co.’s turnaround plan seems to be working.
On Tuesday, the New York-based retailer reported better-than-expected second quarter and first half results, and raised its guidance for the full year.
In the Americas region (United States, Canada, Mexico, Brazil and Chile), total net sales rose 8 percent in both the first half and second quarter, with same-store sales rising 9 percent and 8 percent, respectively. (Percentage increases were the same on a constant-exchange-rate basis.)
Sales rose across most of the region, Tiffany said, with spending by local customers—not tourists—accounting for the increase.
Worldwide, net sales increased 12 percent (11 percent on a constant-exchange-rate basis) to $1.1 billion in the second quarter, with same-store sales rising 8 percent (7 percent on a constant-exchange-rate basis).
Meanwhile, first-half total sales were up 13 percent (11 percent on a constant-exchange-rate basis) to $2.1 billion and comps rose 9 percent (7 percent on a constant-exchange-rate basis).
Net earnings increased 26 percent year-over-year in the second quarter and 38 percent in the first half of the year.
Gross margin improved from 62.5 percent to 64 percent in the second quarter, and from 62.3 percent to 63.5 percent in the first half.
In the company news release announcing the results, CEO Alessandro Bogliolo teased the introduction of what he called an “innovative diamond ring concept,” Tiffany True, in North America in the second half of the year, along with a special focus on product personalization, high jewelry and a “whimsical holiday campaign.”
He also said: “While in the early stages of addressing our six key strategic priorities, we are pleased with initial customer reaction to our new communication, product and in-store initiatives. The launch of ‘Paper Flowers’ … is moving toward full global distribution, and we believe our evolved brand message is gaining momentum.”
The retailer backed the launch of Paper Flowers with a new marketing campaign, “Believe in Dreams,” which involved painting the town its signature robin’s egg blue, covering New York City icons like taxi cabs and subway stations in the cool tone.
Paper Flowers is the first new major collection since Tiffany Keys in 2009 and the first designed under Reed Krakoff.
It helped propel the company’s in-house jewelry lines to become the top performer of 2018 so far, with Tiffany Jewelry Collections outselling both engagement rings and designer lines from Paloma Picasso and Elsa Peretti.
Looking ahead to the remainder of 2018, the retailer
Tiffany now forecasts sales will rise by a high-single-digit percentage over last year, though it does expect operating margin to sink due to significant selling, general and administrative expense growth, which includes the money it is spending to renovate its Fifth Avenue flagship and increased investments in marketing and technology.
“We believe that the thoughtful combination of making short- and long-range strategic investments is necessary to achieve the full growth potential of this legendary brand,” Bogliolo said.
Tiffany ended the second quarter with 320 stores worldwide, up from 312 a year ago.
Its store count in the Americas remained largely flat year-over-year: 123 as of July 31 compared with 124 at the same point last year.
The Latest

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.


The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.

The two organizations have finalized and signed the affiliation agreement announced in May.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

The single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.

The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Sapphire’s variety of colors make it the perfect birthstone for September.

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

The collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.