State and city leaders joined Tiffany & Co. Chairman and CEO Michael J. Kowalski Tuesday morning to celebrate the grand opening of the company’s new jewelry manufacturing center in Lexington. The center is expected to create 125 jobs.
“It is a great pleasure to welcome Tiffany & Co. and its good manufacturing jobs to Lexington,” Mayor Jim Gray said. “Tiffany is known for Tiffany Blue. Lexington is known for blue grass and Wildcat blue. Tiffany is going to feel right at home!”
Tiffany broke ground for the new 25,000-square-foot jewelry manufacturing facility in November of last year. Located on four acres in the Blue Grass Business Park, the facility will produce a variety of jewelery which will be sold in Tiffany stores around the world. The new manufacturing facility will manufacture many of Tiffany’s diamond engagement and other fine jewelry pieces.
“Opening our new manufacturing facility in Lexington is a special moment in the history of Tiffany & Co.,” Kowalski said. “We manufacture about 60% of our jewelry within the United States and we are proud to continue this tradition in Kentucky, where we have found the infrastructure and employees to meet Tiffany's standards of quality and craftsmanship.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Tiffany & Co. for tax incentives up to $2,450,000 through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets. KEDFA also approved the company for an Economic Development Bond grant in the amount of $300,000 to encourage the investment and job creation in Lexington.