Tiffany & Co reported a higher profit as sales in Asia and Europe soared and diamond costs fell, and the upscale jeweler raised its full-year profit forecast.

The New York-based jewelry store chain reported net income from continuing operations of $67.7 million, or 53 cents per share for its second quarter, which ended on July 31, up 19 percent from $56.8 million, or 46 cents per share a year earlier.

Companywide sales at its stores open at least a year, or same-store sales rose 5 percent. In Asia, overall sales rose 21 percent, while at its flagship store on Manhattan's Fifth Avenue, sales were up 8 percent. In Europe, they rose 21 percent.

Overall sales rose 9.2 percent to $668.8 million during the quarter.

Tiffany raised its full-year profit forecast by 10 cents per share to a range of $2.60 to $2.65, compared to the average Wall Street estimate of $2.61 per shares. Tiffany expects global sales to be up 11 percent this fiscal year.

(Reporting by Phil Wahba; Editing by Derek Caney)