Tiffany & Co is known for sparkling silver and gold jewellery, of course, but it’s the diamonds most people dream of. The brand has become all but synonymous with engagement rings. Gift that little blue box wrapped with a white ribbon to just about any jewellery fan, and they’ll tell you in a gasp, “it’s Tiffany’s!”
All the hype around the jewellery brand and its rings is likely why Costco thought it’d be a good idea to sell similar looking rings in their wholesale shops. But the thing is, you can’t just claim your rings are Tiffany’s without actually being Tiffany’s. It doesn’t work like that.
According to the lawsuit that was finally settled in court this week, Costco had been calling its jewellery “Tiffany” rings. Thus, misleading consumers into thinking they were getting an actual luxury diamond from the esteemed jewellery house, when in fact, it was something just inspired by the brand. This is only cool if you, as the consumer, are aware that you’re buying an “inspired” ring versus the real thing.
A Manhattan judge found Costco guilty, ordering them to pay Tiffany & Co. over $24 million in damages for the misleading marketing. Ouch. Costco is a big company, sure, but that’s gotta hurt.
Speaking of things that hurt, if you bought your bae a “Tiffany” ring while picking up an industrial-sized container of ketchup and a tray of 24 chocolate muffins, you’ve got two options: keep quiet and hope they don’t get wise, or come clean.
Have a muffin and think about it.