Tiffany's Does Not Go Lightly On Costco Diamonds
Tiffany & Co. filed a lawsuit against Costco this week alleging the discount shopping club sold counterfeit rings under the luxury jeweler’s name.
An eagle-eyed Costco customer in Huntington Beach, Calif., reportedly spotted what was advertised as a “Tiffany Platinum” ring selling for around $6,000 and alerted Tiffany to the alleged knockoffs. The jewelry company filed a suit in U.S. District Court in New York alleging false advertising, counterfeiting, and deceptive business practices.
“Costco knew what it was doing when it used the Tiffany trademark to sell rings that had nothing to do with Tiffany,” said Jeffery Mitchell, a lawyer for the jewelry company. “This is not the kind of behavior people expect from a company like Costco, and this case will shed a much needed light on this outrageous behavior."
According to The Wall Street Journal, a one-carat ring retailed for $6,400. A Tiffany spokesperson told the Journal that the least expensive one-carat ring they offer is priced at $11,000.
In addition, Tiffany is suing for "injury to business reputation," no doubt because of the whistle-blowing Costco customer who claimed to be "disappointed" to see a Tiffany ring at the wholesaler.
We want to know what you think: Would you be disappointed in Tiffany & Co. if their jewelry started showing up in Costco?