Facsimile jewelry sales play a role of con artist, SEE How
Lookalike is a word used for the fake jewelry that cheated the sales of the UK jewelry market with an annual amount of £108m. In the EU figures and study, it is found that the UK jewelry and watch sector every year face the forge (imitation) goods that are being sent to the market resulting in a loss of around €138m.
As per the new EU figures, the thing that comes into a picture is that every year the UK jewelry and watch sector lose €138m due to the sale of the falsify (imitation) goods that are being shipped to the UK’s jewelry market. The increasing scale of the fraud being perpetrated almost puts the jewelry industry in a shooting competition with the handbag and luggage fabricating sector of the United Kingdom. The fight with the counterfeiters jewelry in the jewelry market is noted but fabled as it costs the industry around £116m yearly. In concert, the assemblers and shapers of the counterfeit jewelry and watches in addition to handbags and luggage costs EU businesses annually a substantial amount around £2.7 billion. OHIM (Office for Harmonization in the Internal Market), the European Union’s investigation reveals that the 13.5% of sales are of emulate jewelry and watches while 12.7% of sales are of imitating handbags and luggage. Granting to the EU’s study, they proclaimed that if the lost sales would have translated into jobs then both the sectors have lost approximately 27,000 jobs directly because genuine and original manufacturers employ would have hired more people (artisans) in the absence of the fake goods that are present in the market. Furthermore, OHIM too states that the government has likewise lost its household income taxes, social security contributions, corporate income taxes and VAT yearly that costs around £860m.