|LVMUY||LVMH MOËT HENNESSY LOUIS VUITTON SE||153.815||+4.26||+2.85%|
The rings are named after the company's founder, Charles Lewis Tiffany, and will be available in round brilliant and emerald-cut diamonds up to five carats. The price point was not immediately disclosed. By comparison, a women's 1 carat Tiffany True Engagement ring retails for $14,500, as listed on the website.
Starting in May, the rings will debut at flagship stores around the globe.
The famed jeweler, owned by LVMH Moët Hennessy Louis Vuitton SE (LVMH), describes the ring as a "modern and bold departure from the traditional wedding band."
In 1886, the company known for its tiny robin blue boxes, introduced the first women’s solitaire diamond engagement ring, the Tiffany Setting. Since then, the company has been seen as a top-tier jeweler for women's engagement and wedding rings –as of today - that's expanding.
Its latest move is just one example of how Tiffany's says it's "paving the way for new traditions" although it also may help them gain an edge over competitors in the industry.
In fact, Tiffany's engagement rings alone account for 26% of the company’s total revenue, according to WSJ Magazine.
Earlier this year, the company was acquired by LVMH for $15.8 billion. Since then. LVMH reported that its watch and jewelry business had organic revenue growth of about 35% in the first quarter of 2021 compared to a year earlier.
The company also acknowledged that Tiffany's "saw an excellent start to the year."