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Tiffany & Co cuts full-year sales and profit forecasts as global economic woes hurt spending on luxury jewelry

The high-end jeweler said global economic woes have weighed on luxury spending.

Tiffany & Co displays a diamond necklace with a 128.54 carat yellow diamond at a reception to celebrate the company's 175th anniversary in Tokyo on May 16, 2012.

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Tiffanys necklace