To the great dismay of our seventh grade selves, Tiffany may be ending the licensing deal they’ve had with Elsa Peretti since 1974. WWD reports that the famed jewelers are looking to purchase 72-year-old Peretti’s intellectual property, after she expressed interest in ending the current deal they have now. But Tiffany isn’t quite ready to let go: “‘Tiffany has made a firm offer to Ms. Peretti in an amount that is based upon the value of the Peretti intellectual property to Tiffany,’ the company said, adding that an acquisition of Peretti’s IP would ‘likely improve cash flows and operating results in subsequent years.’”

Tiffany has thus far opted to keep the sum total of their offer to Peretti a secret, but we’re guessing from the popularity of her designs, that they’re prepared to shell out some serious cash. Here’s what will happen if Peretti ultimately refuses:

“Tiffany would retain all rights under the agreement for six months, including the right to make Peretti-designed baubles. Following the six-month period, Tiffany would have an additional year to sell any Peretti-designed products on hand or on order. Thereafter, Tiffany would be allowed to sell any Peretti-designed products on hand, subject to the designer’s right to purchase these remaining goods. Tiffany would also be relieved of royalty obligations.”

We’re sad to hear this! Elsa Peretti’s baubles have been a fixture in the jewelry boxes of graduating, Bat Mitvahing, and Sweet Sixteening teenage girls for quite some time now. ‘Tis always a tragedy to see a classic die–so hopefully it won’t.