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BUSINESS SEGMENTS – ENGAGEMENT JEWELLERY & WEDDING BANDS

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This category includes Tiffany’s engagement rings (~60% of the category) and wedding bands (~40%).

The Company notes that most sales in this category are of items containing diamonds. Most jewellery in this category is constructed of platinum, and 10% of sales are jewellery items constructed primarily in gold.

From the charts on the right, we see the category is also in decline in terms of both sales and % of sales. Worse, the average prices also declined in 2015 and 2016.

Management noted a shift from engagement rings to wedding bands.

The main concern for this category is the continued decline in traditional marriage rates in recent years in the western world.

Source: Tiffany 2016 Annual Report

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Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018