When Elsa Peretti (1940–2021) arrived at Tiffany Co. in 1974, diamond jewelry was not fashionable with the younger set, especially in the United States, which was still mired in recession. The ornate diamond confections popular in previous decades were neither suited to the office nor the disco dance floor — and they were too expensive for an ordinary person to buy, anyway. That did not deter Peretti. Diamonds by the Yard, which was among her earliest work for the brand, featured a necklace that comprised a dozen small bezel-set stones arranged at uneven intervals on a fine gold chain. Peretti reimagined diamond jewelry as something that could be worn in the workplace and even in the clubs, such as Studio 54, where the model-turned-designer was a regular.

Born in Florence, Peretti studied design in Italy, modeled in Spain and was a ski instructor in Switzerland before she moved to the United States in 1968. Some of her earliest jewelry pieces were for a friend, fashion designer Halston, for whom she also modeled. Peretti brought an appreciation of European design as well as youthful energy to the historic Tiffany Co. The first Diamonds by the Yard design was characterized by a minimalist vision for luxury. Other pieces followed with varying lengths and carats. These variations put simple designs in the reach of the budget-conscious consumer, with a Tiffany diamond necklace in 1976 suddenly attainable for under $100. As a 1977 Newsweek article reported, “What Peretti had was a whole new idea of what jewelry should be. No longer serious, real jewelry has become accessible and affordable for every secretary and shopgirl.”

Peretti’s designs offered diamonds for everyday accessorizing, not just special occasions. As she told the New York Times in 1974, “I make things that women like to touch and to wear, not things they put in a drawer.”