Image: Tiffany & Co.   BY JASMINE BAILEY    If you bought a diamond ring labeled “Tiffany and Company” at Costco Wholesale — surprise— it’s fake. And now the high-end jewelry company , famous for its signature blue boxes, is suing Costco for counterfeiting, deceptive business practice, and false advertising, that according to ABC News.   Fox Business:  “Costco is selling a platinum .7 carat diamond for $3,200 and a platinum 1 carat round brilliant diamond for $6,400.” But Tiffany says their 1 carat rings start at $11,000. The company alleges Costco was selling counterfeit engagement rings and claiming they were the Tiffany brand. Tiffany’s lawyer said: “We now know that there are at least hundreds if not thousands of Costco members who think they bought a Tiffany engagement ring at Costco, which they didn't.” The New York City-based company first found out about the alleged counterfeit late last year when a Costco customer in Huntington Beach, California complained to Tiffany, saying—   Christian Science Monitor “… she was disappointed to see Costco offering for sale what were promoted on in-store signs as Tiffany diamond engagement rings.” The New York Times has a quote from the lawsuit filed by Tiffany. “Tiffany has never sold nor would it ever sell its fine jewelry through an off-price wearhouse retailer like Costco.” No official word from Costco, but the wholesale store is known for discount brand name jewelry. In the lawsuit Tiffany calls for Costco to forfeit profits from the ring sales, plus damages of $2 million per infringement. All legitimate Tiffany diamonds have an inscription saying so.