This is what we mean by statement jewelry.

Costco has been selling counterfeit Tiffany engagement rings and the government says it needs to pay up

$19.3 million

Costco owes Tiffany $19.3 million for selling 2,500 “Tiffany” diamond rings a judge in US district court ruled on Aug. 14.

Published   |  Photo by AP Photo/Gary He
This is what we mean by statement jewelry.
$19.3 million

The big box retailer had been selling “Tiffany-style” engagement rings, which have a six-prong setting, at some of its stores.

Solitaer-Ring

Wikimedia/Theresia987 licensed under CC BY-SA 3.0

This is what we mean by statement jewelry.
$19.3 million

But Costco’s in-store signs displaying the merchandise simply read “Tiffany engagement rings,” leading customers to believe were buying real Tiffany rings at steep discounts.

This is what we mean by statement jewelry.
$19.3 million

Tiffany has been using the setting since 1886, when the company bought the patent from a New Jersey jeweler. The style is so popular it’s become synonymous with the high-end jewelry retailer.

This is what we mean by statement jewelry.
$19.3 million

Tiffany sued, and the court ruled that it’s entitled to more than $19 million—$11.1 million (triple the loss it incurred from Costco) plus interest, and $8.25 million in punitive damages.

This is what we mean by statement jewelry.
$19.3 million

Though Costco only sold about about 2,500 fake rings, the real purpose of Tiffany’s suit was to protect its brand value and cachet as an international luxury retailer.

This is what we mean by statement jewelry.
$19.3 million

Engagement jewelry accounts for 30% of Tiffany & Co’s sales, but that may soon change as younger consumers ready to tie the knot increasingly turn away from pricey diamond rings.

Published

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