Rich & Richer: Jewel Of The Luxury Crown

It's easy to spend a fortune on jewelry -- one piece at a time.

These days, items costing $20,000 and up are the fastest growing category of jewlery for Cartier, Tiffany & Co. and Bulgari. And suddenly the hottest market in the luxury business is the U.S.

Rich & Richer
Rich & Richer   

As Margaret Brennan reports, Italy's Bulgari has targeted the U.S. for aggressive expansion. The U.S. already accounts for 30% of the company's sales, but the Rome-based company just refurbished its flagship New York City store and plans additional stores. The company is also considering expanding into malls and high-end department stores.

Richemont's Cartier and U.S.-based Tiffany are also expanding. Tiffany, for instance, plans five to seven stores in the Midwest -- all 5,000 square feet.

Saks is looking to create branded jewelry, working with the likes of Chanel and Gucci to compete in the lucrative market.