Tiffany & Co., often known as Tiffany or Tiffany's, is a luxury American multinational jewelry and silverware corporation, with headquarters in New York City. Tiffany sells jewelry, sterling silver, china, crystal, stationery, fragrances, personal accessories, as well as some leather goods.
Many of these goods are sold under the Tiffany name at Tiffany stores and through direct-mail and corporate merchandising. Goods are also sold wholesale to third-party distributors. Tiffany is renowned for its luxury goods, especially for its diamonds: diamond jewelry, and especially its diamond engagement rings. Tiffany markets itself as an arbiter of taste and style.
Founded by Charles Lewis Tiffany and Teddy Young in New York City in 1837 as a "stationery and fancy goods emporium," the store initially sold a wide variety of stationery items, and operated as Tiffany, Young and Ellis in Lower Manhattan. The name was shortened to Tiffany & Co. in 1853 when Charles Tiffany took control, and the firm's emphasis on jewelry was established.
Tiffany & Co. has since opened stores in major cities all over the world. Unlike other stores at the time in the 1830s, Tiffany clearly marked the prices on its goods, as there would be no haggling for the price. In addition, against the social norm at the time, Tiffany only accepted cash payments, and did not accept payments on credit.
The Tiffany Yellow Diamond is a 128-carat stone cut in a modified cushion-shape featuring 90 facets instead of the 57 or 58 of a standard brilliant cut. The stone was discovered in 1878 and has never been sold.
Since 1940, Tiffany's flagship store has been located at the corner of Fifth Avenue and 57th Street in Manhattan, New York City. The store has been the location for a number of films including Breakfast at Tiffany's, starring Audrey Hepburn; and Sweet Home Alabama, starring Reese Witherspoon. The former Tiffany and Company Building on 37th Street is on the U.S. National Register of Historic Places.
Tiffany designs were worn by such famous US families as the Astors, the Vanderbilts, Posts, Huttons and the Morgans. Athletes, Hollywood stars, and even European royalty adored these diamonds. Museums valued the Tiffany designs, which ranged from the Art Nouveau period to Art Deco to today's modern styles.[citation needed]
The 128.54 carats (25.71 g) Fancy Yellow Tiffany Diamond is usually on display in the New York City flagship store.
In November of 2012, Tiffany & Co. agreed to purchase diamonds from Russia's diamond mining monopoly Alrosa for $60 million annually. www.tiffany.com