Exhibit 99.1

                                  TIFFANY & CO.
                                  NEWS RELEASE

Fifth Avenue & 57th Street                                    Contacts:
New York, N.Y. 10022                                          ---------
                                                              James N. Fernandez
                                                              (212)230-5315
                                                              Mark L. Aaron
                                                              (212)230-5301


              TIFFANY ANNOUNCES 20% INCREASE IN QUARTERLY DIVIDEND
              ----------------------------------------------------

New York, N.Y., May 17, 2007 - Tiffany & Co. (NYSE: TIF) reported that its Board
of Directors has declared a 20% increase in the  quarterly  dividend rate on its
Common Stock. This action increases the rate from $0.10 per share per quarter to
a new rate of $0.12 per share per quarter,  or $0.48 per share on an  annualized
basis.  The dividend will be paid on July 10, 2007 to  stockholders of record on
June 20, 2007.

Michael  J.  Kowalski,  chairman  and chief  executive  officer,  announced  the
increase  at the  Company's  Annual  Meeting  of  Stockholders.  He said,  "This
increase reflects the Board's confidence in our growth potential.  It also marks
the fifth  consecutive year of dividend  increases,  and means that the rate has
tripled over that period."

Company Description
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Tiffany & Co.  operates  jewelry and specialty  retail  stores and  manufactures
products  through its  subsidiary  corporations.  Its  principal  subsidiary  is
Tiffany  and  Company.  The Company  operates  TIFFANY & CO.  retail  stores and
boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling
through Internet, catalog and business gift operations. Other operations include
consolidated  results from  ventures  operated  under  trademarks or trade names
other   than   TIFFANY  &  CO.  For   additional   information,   please   visit
www.tiffany.com or call our shareholder information line at 800-TIF-0110.

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