Dive Summary:

• Tiffany & Co. shocked first quarter revenue predictions by posting bigger-than-expected gains, spurring a rise in luxury retail shares.
• The company posted a 3% increase in first quarter revenue totaling $895.5 million with earning s of 70 cents per share.
• "Stronger sales of diamond jewelry are helping to counter weakness in the silver business, and we are encouraged by new product launches across jewelry categories," says analyst Randal Konik.

From the article:

Tiffany's stock hit $81.25, its highest level in more than a year, in earlier trading. At midday, the shares gained $3.28, or 4.3 percent, to $79.49. Here's how some other luxury retailers are faring: Coach Inc. added $1.23, or 2.1 percent, to $58.99.Saks Inc. climbed 16 cents to $15.65.Blue Nile Inc. added 32 cents to $35.18.Michael Kors Holdings Ltd. gained $1.79, or 3 percent, to $61.88.Nordstrom Inc. rose 69 cents to $60.56.