Tiffany engagement rings is one of the top-notch engagement rings in the market and its quality is worth the amount of money it’s being sold in the outlets.
Tiffany & Co started in 1837, and ever since then; 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, and they knew this would stand out because even from the beginning, they knew rings would be part of their lasting legacy.
From famous family patrons, celebrities to the average consumer, everyone wants a Tiffany diamond.
One reason though, is because they work very hard in making a product they can be proud of, starting from scratch.
Here are 5 Reasons Why are Tiffany Engagement Rings Are So Expensive?
1. Sales & Return Policy
One perk of purchasing jewelry from luxury brand names like Tiffany & Co is their return policies, which are only applicable if you purchased in the U.S.
Most items can be returned within 30 days for a credit or exchange with a valid sales receipt. Buying a ring from Tiffany & Co. comes at a high cost.
You will be paying for expenses such as rental, marketing, branding, certification, sustainability, and service.
For Tiffany’s diamond rings, you can do an upgrade by trading in your old ring for a new one that’s at least two times of the original price.
For example, if your old ring costs $8,000, your new purchase must be of at least $16,000 in value.
While these factors are some of the reasons behind the high price Tiffany & Co. charges for their jewelry, many other brand jewelers offer such benefits.
When it comes to commitment and sustainability of our natural environment, Tiffany & Co are top-notch.
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.
This is done through various means such as local hiring, fair wage practices, and training and development at their workshops around the world.
Shopping at Tiffany is a fantastic experience than shopping at almost any other jewelry store because of outstanding customer service (through recruiting and training the best salespeople) and creating high confidence in the products that they offer.
Tiffany & Co. also manufacture the majority of their products themselves, cutting and polishing diamonds at their very workshops.
3. Costs & Branding
As a large global brand, Tiffany & Co. has the financial muscle to spend immensely on marketing, advertising, and branding.
In 2017, marketing costs were about 7.6% of Tiffany’s 2017 sales, which is a whopping $319 million.
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 sites such as Marina Bay Sands, Sentosa and Changi Airport.
Custom jewelers, on the other hand, pay for rental at more affordable areas such as industrial estates. They also do not have the support and finances to scale up such extensive marketing.
4. Top Quality and Workmanship
When it comes to 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.
However, Understanding the 4Cs (colour, clarity, carat weight and cut) 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, but when purchasing from tiffany, you are fully assured of quality.
5. 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 Tiffany Blue in 1998. The Pantone Matching System even created a custom Pantone number “1837” for Tiffany Blue, named after the year Tiffany & Co.
It was founded to ensure that no matter where you were in the world, no matter it would be instantly recognizable and always the same.
Trademark colours apply within this same industry. This means that other jewellers cannot use the same Tiffany Blue for their products.
The packaging on which the colour appears is also trademarked, as is the white satin ribbon tied around said packaging.
In all, it is very possibly the most recognizable and most desired retail container in world history.
Buying a ring from Tiffany & Co. comes at a high cost. Not only are you paying for something that is already expensive, but you are also paying for additional expenses such as the rental, marketing, branding, certification, sustainability and service.
With their long history, Tiffany & Co has 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.
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, and who would not be interested in spending it all to get Tiffany engagement rings for who they’re in love with, I certainly would!