Core Viewpoint - The jeweler is implementing a strategy to reduce its dependence on silver under the leadership of its newly appointed Chief Berta de Pablos-Barbier [1] Company Strategy - The new strategy focuses on diversifying materials used in products to lessen reliance on silver [1]

Group 1: Company Strategy - Tiffany & Co. is shifting its focus from silver jewelry to gold and high jewelry, as stated by LVMH executives [1][2] - The demand for high jewelry has quadrupled over the last four years, while demand for silver jewelry has declined by one-third since LVMH acquired Tiffany in 2021 [2] - This marks a significant change for Tiffany, which has historically specialized in silver jewelry since its inception in 1851 [3] Group 2: Financial Performance - LVMH's watches and jewelry division reported €10.5 billion in sales (approximately $12.6 billion) in 2025, reflecting a 1% decline from the previous year [4] - LVMH's stock price has decreased by about 22% over the past year [4] Group 3: Market Trends - Gold prices have surged to record highs, with spot gold trading around $5,240 per ounce, up about 20% this year and 73% in 2025 [6] - Silver prices have also risen significantly, currently trading around $115 per ounce, with a year-to-date increase of 56% and a 170% rise last year [9] - The gold-to-silver ratio has fallen to a four-year low, indicating that silver now "appears expensive" relative to gold [12]

Group 1 - The global precious metals market experienced a significant surge, with COMEX gold surpassing $4500 per ounce and spot gold breaking the $4400 per ounce mark, marking an annual increase of over 68% [1] - Domestic gold prices also rose sharply, with major retailers like Chow Tai Fook and Lao Feng Xiang increasing their gold prices to 1403 RMB per gram and 1399 RMB per gram respectively, reflecting daily increases of 36 RMB and 34 RMB [2][3] - Platinum and silver prices also saw remarkable increases, with platinum prices exceeding $2000 per ounce for the first time since 2008, and domestic platinum prices reaching 950 RMB per gram [5] Group 2 - The surge in precious metal prices is attributed to a combination of factors, including heightened geopolitical tensions and expectations of interest rate cuts by the Federal Reserve, which have bolstered demand for gold and silver as safe-haven assets [8][9] - Analysts predict that the ongoing demand from global central banks will provide a stable foundation for gold prices, with expectations of continued price increases leading up to the holiday season [10] - Regulatory bodies have begun implementing measures to mitigate risks associated with the rapid price increases in precious metals, including adjustments to trading limits and transaction fees for silver futures [12][13]