The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Costco Ordered to Pay Tiffany $19M-Plus in Trademark Lawsuit
A judge tripled the number the jury awarded the jeweler for unlawful profits Costco earned from sales of “Tiffany” rings.
New York--A federal judge has ordered Costco to pay Tiffany & Co. more than $11.1 million in damages, in addition to the $8.25 million a jury awarded Tiffany last year in its trademark infringement lawsuit against the warehouse club.
Tiffany sued Costco Wholesale Corp. in early 2013 for selling rings in their stores next to signage labeled “Tiffany” as a standalone term, without the use of a modifier such as “setting,” “set,” or “style.”
While Costco argued in a countersuit that “Tiffany” had become a generic term that could be used by any company to describe a particular style of ring setting (multiple slender prongs holding a single stone), U.S. District Judge Laura Taylor Swain disagreed, throwing out Costco’s countersuit and granting the jeweler’s motion for summary judgment in 2015.
The case then went to a jury to decide damages after the two retailers failed to agree on a settlement.
In 2016, a jury awarded Tiffany $3.7 million for profits Costco earned from sales of “Tiffany” rings. Jurors also ordered Costco to pay Tiffany an additional $8.25 million for punitive damages.
On Monday, Swain ruled that Costco owes Tiffany $11.1 million in lost profits plus interest dating back to 2013, trebling the $3.7 million awarded by the jury last year and bringing Costco’s total bill to more than $19 million.
In a statement on the ruling, Tiffany said: “Judge Swain’s decision validates the strength of the Tiffany trademark and the value of our brand, and most importantly, sends a clear and powerful message to Costco and others who infringe the Tiffany mark.”
It continued: “We brought this case because we felt a responsibility to protect the value of our customers’ purchases and to ensure that Costco‘s customers were not mislead about their purchases. It is critically important that the Tiffany name not be used to sell any engagement ring that is not our own.”
Costco said in its statement that it intends to appeal the judge’s decision, which is “a product of multiple errors in pretrial, trial, and post-trial rulings.”
Costco President and CEO Craig Jelinek commented: “Our mission statement mandates first that we obey the law and second that we take care of our members. Over 90 percent of our members in the U.S., who pay to shop with us, renew their memberships every year. We work very hard to maintain their trust, and we strive to be
Swain also ruled that Costco cannot use the standalone term “Tiffany” in the sale or advertising of any of its products if they are not manufactured by Tiffany & Co.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."