Costco must pay a million fine for selling fake Tiffany rings

Photo: depositphotos.com

Costco will have to fork out at least $ 5,5 million for Tiffany & Co. after nearly 2500 wedding rings emblazoned with the famous jewelry brand have been sold.

The amount represents Costco's profit from the sale of rings.

The federal jury will continue the meeting on the number of punitive damages incurred by a well-known jewelry retailer.

During the trial, Judge Laura Taylor Swain noted that Costco was asking suppliers to copy Tiffany & Co's designs, thereby misleading buyers.

Tiffany sued Costco 2013 on Valentine's Day.

“We believe this decision once again confirms the power and meaning of the Tiffany mark and strengthens our ongoing efforts to protect the brand,” a representative for the jewelry brand said a year ago in New York.

The jury called the amount of $ 5,5 million, although Costco claimed it earned only $ 781 000 by selling a fake.

Both companies declined to comment on the jury’s decision, because the discussions continue, and the judge will announce the final decision next week.

For Tiffany & Co, $5,5 million is 6% of profit for the last quarter. For Costco, the penalty is 1% of its most recent quarter's profit.

Tiffany shares rose 1,8% to $ 72,63. Costco shares rose 3,4%, to $ 152,51, due to good quarterly reports.

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