Tiffany & Co., which has been selling diamond engagement rings since the 19th century, has decided to try to reach an untapped market segment: men. The jeweler is debuting its Charles Tiffany Setting, named after the founder of the company: solitaire men's rings with sizable round-brilliant and emerald-cut diamonds of up to 4.3 carats, a line distinct, of course, from the six-prong solitaire Tiffany Setting for women that's been a bestseller since 1886. "Most men love diamonds but haven't necessarily thought about applying them in their own jewelry," said a Sotheby's sales executive in New York. Sales of men's diamond rings faded after thriving in the 1970s and '80s, Frank Everett said. He predicts that Tiffany's new rings will expand the market for men's diamond rings in general, the Wall Street Journal reports.
Women's engagement rings contributed one-fourth of the company's $4 billion in jewelry sales last year. With the grown of same-sex marriages and fashion that's often less gender-specific, Tiffany's sees this as a good time to send a message of inclusivity, per CNBC, as well as broaden its product line. Also, as of January, Tiffany has a new owner: LVMH, the French luxury goods giant. The men's engagement rings will go on sale this month. A competitor, Evan Yurman, said men are becoming more interested in wearing jewelry, including celebrities who've worn diamonds to Hollywood events. "The hesitancy that existed years ago has seemingly been replaced with curiosity and even enthusiasm," he said. (Read more Tiffany & Co. stories.)