On Feb. 14, 2013, jewelry company Tiffany & Co. filed a lawsuit against Costco for allegedly selling an engagement ring and unfairly using the jewelry company’s name to describe the ring (via New York Post). Tiffany and company. claims to have created the “standard for the engagement ring as we know it today”, which is a stone, most often a diamond, set in a six-prong design. Of course, there are other ring settings and styles, but the jewelry company takes credit for this one. Tiffany & Co. sued Costco for sale of counterfeit items and trademark infringement (per Reuters).
According Tiffany & Co website.classic engagement ring style with a one-carat diamond and platinum band is $14,000, as of August 2022. A comparable ring, with a similar diamond cut, cut, clarity and color, at Costco sells for $5,999.99. It’s easy to see why an estimated 3,349 customers bought rings described as “Tiffany” from Costco, thinking they were getting a great deal for Valentine’s Day.
By National Jeweler, Costco claimed that “Tiffany” was understood as a general term to describe the six-fold setting. After a lengthy legal battle, the two companies agreed to a settlement, the terms of which were not disclosed. This dispute may have finally come to an end, but there are a few other secrets that Costco doesn’t want you to know.