What Tiffany Has in Common With KrunkGrillz.com

Gold and silver costs have fallen, but jewelers get to charge the same prices.
Miley Cyrus arrives at a Myspace event at El Rey Theatre on June 12, in Los Angeles Photograph by Gregg DeGuire/WireImage

Tiffany handily beat Wall Street’s earnings estimates this morning, announcing net income of $106.8 million for the most recent quarter. The jeweler’s sales were actually down, but better margins more than made up for it. The prices of gold and silver have fallen precipitously this year—down 21 percent and 35 percent, respectively, through the end of the quarter. That means Tiffany got its materials for less. But the retailer didn’t pass those savings on to customers. It actually raised prices.

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