Luxury jeweller Tiffany and Co is to open a new store in New York.

According to the New York Times, the jeweller will open the new store on Wall Street, near the New York Stock Exchange.

The paper said that platinum necklaces would be on display at the new store that has 35 ft ceilings, a whole ten ft higher than those at its famous current New York store on Fifth Avenue.

Tiffany's new outlet will open in the autumn and will be located on the ground floor of a luxurious rental apartment building.

"We're going back to our roots," said Beth Canavan, Tiffany's executive vice president for retailing.

"The resurgence that's happening downtown makes it an important place to be."

Tiffany's has a long history of retailing in the city, first opening a store at Broadway in 1837.

A year ago, Tiffany announced plans to open a major new US store in Atlantic City, New Jersey, which offers a wealth of new platinum pieces.

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