According to the New York Times and the contents of the suit, a Costco shopper in Huntington Beach, CA complained to Tiffany last year “that she was disappointed to observe that Costco was offering for sale what were promoted on in-store signs as Tiffany diamond engagement rings.”
After further investigation, Tiffany says it found that Costco sales personnel referred to the rings that were being sold as Tiffany, however they were not described as such online to avoid being found out. The suit explains further that “Tiffany has never sold nor would it ever sell its fine jewelry through an off-price warehouse retailer like Costco.” And that as a result, “hundreds if not thousands of people who mistakenly believe they purchased and own a Tiffany engagement ring from Costco.”
CNN Money reported that the suit was filed in the U.S. District Court on Valentine’s Day. It is seeking damages equal to triple the amount of any profit Costco made on the sale of the rings and $2 million in punitive damages for every model of the Tiffany rings that were sold. The story price checks a couple of rings priced at about $3,200 and $6,400. Not sure you should really spend that much on a ring from Costco whether it’s Tiffany of not.