Tiffany Japan sales up 7% as Asia embraces jewellery investments



2015-06-26 12:24:56

Tiffany Japan sales up 7% as Asia embraces jewellery investments

Jewellery sales in Japan are showing great promise, despite March's natural disaster...

Tiffany has announced profits rose by 25% in the first quarter, with sales in Japan particularly encouraging.

The high end jeweller revealed profits of $81.1m for the first three months of the year, ahead of market predictions and up from $64.4m in the same period in 2010.

Japanese sales have been particularly strong, despite the impact of the earthquake and tsunami in March.

Total sales in the country rose by 7% for the first quarter, far ahead of the anticipated 15% decline.

Despite the rising price of precious metals, the Asia-Pacific region saw sales grow by 37% and shares in the company are now at an all-time high.

"Customers are certainly aware of rising commodity costs and we have not experienced any meaningful resistance to higher prices," Mark Aaron, Tiffany's vice president for investor relations, told Britain's Financial Times.

The encouraging figures in Japan are in line with the growing popularity for jewellery as an alternative investment in Asia.

 Japanese alternative investors are increasingly turning to jewellery

Auctions of jewellery are commanding huge figures in the continent, with China's strengthening economy greatly responsible.

Increasing numbers of the country's nouveau rich are finding the allure of jewellery hard to resist, and buyers could be making sound alternative investments for the future.

Sotheby's April Magnificent Jewels and Jadeite sale in Hong Kong is a prime example of the popularity of jewellery in China at the present time.

The sale amassed $53m with a Bulgari ruby weighing 27.67 carats among the highlights - it made $2.24m, towards the top of its estimate.

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