A former Tiffany & Co. (NYSE:TIF) employee arrested on Tuesday on charges of stealing $1.3 million worth of jewelry is facing up to 30 years in prison.

Ingrid Lederhaas-Okun, who joined the luxury giant in 1991, was pink-slipped from her position as vice president of product development during a recent downsizing.

She is charged with stealing more than 165 items, including "diamond bracelets, platinum or gold drop and hoop earrings, platinum diamond rings and platinum and diamond pendants" and selling them to a wholesaler in Manhattan, WWD reported.

Lederhaas-Okun allegedly lied to her employers when they asked where the inventory went, claiming the missing items were lost, damaged or being held for use in a special PowerPoint slideshow.