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Tiffany's Does Not Go Lightly On Costco Diamonds

Tiffany's Does Not Go Lightly On Costco Diamonds

AP

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.

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“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.

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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?

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