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Tiffany: diamond or dud?

The Halftime Report experts debate the luxury retailer

Is Tiffany & Co a stock you should own in your portfolio? While shares have seen a sharp rebound from its 52-week low, the stock is still down more than 20% over the past 12 months.

The "Halftime Report" experts debated the diamond trade.

Jim Lebenthal is a believer in the little blue boxes. "Tiffany is not for the faint of heart. You have to have faith in the second half of 2016" he added.

Over the next 12 months, Lebenthal sees bright spots emerging. "China is stabilizing and our labor market continues to strengthen," he added.

Josh Brown wasn't convinced. "To get long Tiffany, I would need confirmation the downtrend is ending and I'm not," he argued. Brown suggests staying on the sidelines.

The stock seems a bit expensive to Stephanie Link. "18 times forward estimates is a very rich price to pay," Link said.

Tiffany & Co. hosted their annual investor and analyst day on Tuesday in New York City.

—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly

Trader disclosure: On April 12, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Halftime Report" traders:

JIM LEBENTHAL: Long TIF

JOSH BROWN: Long AAPL, BABA, CORE, DE, DNKN, GE, JMBA, LNKD, SAM, SHAK, SPWR, TWTR, XLE

STEPHANIE LINK: Long AAPL, AGN, APC, AVGO, BAC, CB, CCL, COST, CRM, CSCO, CVX, DAL, DLPH, DOW, EBAY, ESRX, GOOG, GOOGL, GS, HDS, HON, JPM, LOW, LPX, LRCX, LULU, MCD, MGM, MSFT, PF, PG, PH, PM, PPG, PRU, RTN, SLB, STI, SWK, SYF, UNH, UPS, URI, V, WBA, WBC, WFC, WHR,

PETE NAJARIAN: Long AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB Long Calls: AAL, AMAT, AGN, AKS, AMJ, BAC, BAX, BBBY, CL, CRM, DAL, EBAY, ECA, EGO, ENER, GRPN, HAIN, IBM, KBH, KO, KSS, LC, LLY, MDLZ, MET, MSFT, NLNK, POT, RIG, SBUX, SCHW, SLV, SLW, SPG, TCK, UAL, WYNN, XOM, YHOO, ZIOP Long Puts: DB, HES, MS, PBR, RY, VLO

JOE TERRANOVA: Long VRTS