After a multimillion-dollar renovation, developers are betting the 225,000-square-foot Time Century Jewelry Center will help turn the area into a luxury destination.

The new Tiffany Collection comprises 35 gems, including an unusual red stone, from the Argyle Diamond Mine in Australia.

Friends and collaborators gathered at the gallerist Nina Johnson’s bungalow this month to toast the artist Rochelle Feinstein.

Even amid tough times, industry insiders are betting that those who can afford luxury skin care, fragrances and cosmetics will treat themselves.