Tiffany's 'old-world luxury' fails to charm millennials

New York

FOR Alan Feid, a 28-year-old looking to buy an engagement ring for his fiancée, the rings he found in the diamond district in Manhattan were just as good as the ones he saw at Tiffany & Co's flagship store on Fifth Avenue. And they cost less than half the price. "At the end of the day, I don't think there's much of a difference when it comes to the style or the quality," said Mr Feid, a resident of Jersey City, New Jersey.

Tiffany's jewellery, long considered a status symbol, has been patronised by Hollywood A-listers and the political elite, and coveted by well-to-do baby boomers who made the brand synonymous with weddings and anniversaries.