US jeweller Tiffany & Co has reported modest overall sales growth of just four per cent for the year to January 31.

But Asia is on fire.

The highest sales growth was recorded in the Asia-Pacific, up 13 per cent, bouyed particularly by Greater China. Sales in Europe increased three per cent while sales in the US were up just two per cent.

Tiffany opened 28 stores last year, eight of which were in Asia-Pacific. This year, the jeweller will open seven new stores in Asia-Pacific and will close one store in Japan, where its sales declined six per cent.

In the US, it will open five new stores and three in Europe.

The company projects net earnings to grow by six to nine per cent this year.

“We will be pursuing important growth opportunities in 2013, with plans including exciting new jewelry collections, enhanced customer communications through print and digital media, and expansion of our global base with additional stores,” said CEO Michael Kowalski.

“Tiffany is well positioned to achieve net earnings growth of six to nine per cent and healthy free cash flow,” he said.