A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Costco Ordered to Pay Damages in Tiffany Case
A federal jury in New York issued a $5.5 million partial verdict for unlawful profits but is still deciding on punitive damages.
New York--A federal jury in New York awarded Tiffany & Co. $5.5 million in damages last week in part one of a two-part verdict being handed down in its case against Costco Wholesale Corp.
Relatively speaking, it’s a tiny amount of money for a jewelry retailer that recorded $4.1 billion in global sales last year, and for a massive wholesale club that rang up more than $100 billion.
But it’s a big message for the jeweler that, like all retailers, is fighting for every consumer dollar in an increasingly competitive marketplace and that, perhaps, sees protecting its venerable 179-year-old brand as key to maintaining its edge.
It’s a case that’s been labeled a publicity stunt and called a “waste of time” but, in the end, ultimately has a two-prong effect for Tiffany.
Emily Miao, a partner at McDonnell Boehnen Hulbert & Berghoff LLP who specializes in intellectual property law, said the case sends a message to the jewelry industry about using the term “Tiffany setting.” That message is: Don’t use it.
RELATED CONTENT: What the Tiffany Ruling Means for the Jewelry IndustryTiffany essentially had already won this case more than a year ago when U.S. District Judge Laura Taylor Swain not only granted Tiffany’s motions for summary judgment on claims of trademark infringement and trademark counterfeiting, but also threw out Costco’s counterclaim that “Tiffany setting” had become a generic term that could be applied to any engagement ring setting created in the same multiple slender-prong style as a Tiffany ring.
It could have ended there, but Miao said that Tiffany is “using this case to un-do what has happened to their (trade)mark.”
“Now they have a way to segue into changing the jewelry industry’s behavior by using the Costco case. It is a publicity stunt, in that sense,” she said.
The case also has kept Tiffany & Co. top-of-mind for consumers, particularly those deciding if, and where, they’d like to buy a Tiffany ring.
The jury handed down its verdict last Thursday in New York federal court, putting Costco’s profits from the sales of rings with a “Tiffany setting” at $3.7 million and adding $1.8 million for what it determined as benefits that Costco derived from the ring sales.
In a statement shared with National Jeweler on Friday, Costco said it is not commenting on the decision because the jury’s deliberations are continuing.
The partial verdict is nearly, but
As of Monday morning, the jury was still deliberating punitive damages in the case; punitive damages are those that serve to punish the offending party in a case.
Miao said the bar for awarding punitive damages is high in New York state, and she put Tiffany’s chance of recovering any more money at 50/50.
But, again, “money’s not really relevant here,” she said. “If it was, Tiffany would have settled a long time ago.”
“This is a good decision for Tiffany. This will help them sell more rings and jewelry. (Because), if you want a Tiffany ring, you’ve got to go to Tiffany to buy it.”
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.