Much less than that. The silver spot price yesterday was 61p per gram. I’d be surprised if there were even 10g of silver in those earrings; they are very small. So, less than £6 for the silver.
The Tiffany business was bought by LVMH a couple of years ago. Its owner, Bernard Arnault, was the world’s richest man last time I looked. He made his money buying prestige brands and applying those to accessible but still very expensive stuff, where people are willing to pay huge amounts for something quite cheap to make (bags, perfume, scarves, sunglasses, jewellery) because of the branding. Sound familiar?