Lower Prices of Diamonds and Gold Seen Boosting Tiffany & Co Sales

20/03/2016 08:17

Lower diamond – and precious metals – prices are helping luxury jeweler Tiffany & Co. which has been hit by currency fluctuations and an uncertain global economy, the firm said in a conference call on Friday, Bloomberg reports. Lower metal expenses have already driven an improvement in profitability, and the benefits from cheaper diamonds will show up in results next year, Tiffany said. The retailer has suffered from lower tourism spending, the strength of the U.S. dollar, and slower demand for luxury goods overseas.