ISRAELI DIAMOND: Tiffany shuts down luxury Jeweller

High-end jeweler Tiffany & Co (TIF.N) has stated that it plans to close its underperforming Iridesse pearl jewelry stores. The 16-store chain will be closed upon reaching agreement with landlords and sale of the inventory.

Head of investor relations at Tiffany, Mark Aaron, stated: "Iridesse has been recording an operating loss since it started a few years ago. That, combined with a difficult retail environment, led us to make this decision. In a better environment, the concept might have been viable."

The jewelry sector has sustained a serious blow due to reduced discretionary spending. In the past year, several fine jewelry chains have filed for bankruptcy and held liquidation sales.

Last month, Tiffany announced that Warren Buffett's company, Berkshire Hathaway Inc, bought $250 million of debt from the luxury jewelry retailer.

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