Facsimile jewelry sales play a role of con artist, SEE How

  • 537

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.

More :

EU counterfeitAntónio Campinospresident of OHIMOHIMOffice for Harmonization in the Internal Marketeconomic effectsmicro-enterprisesjewelry and watcheshandbags and luggage sector

You May Also Like

7th ADTF to start from January 31 7th ADTF to start from January 31
UK’s addiction for smartphone benefit the Jewelry retailers, Know HOW UK’s addiction for smartphone benefit the Jewelry retailers, Know HOW
The WAIT for Diamond-Backed Cryptocurrency is over NOW The WAIT for Diamond-Backed Cryptocurrency is over NOW
Fashion jewelry brand Nikki Lissoni joins Company of Master Jewelers. Fashion jewelry brand Nikki Lissoni joins Company of Master Jewelers.
WHY, Dominion shareholders call for alterations WHY, Dominion shareholders call for alterations
FTBC gets support of SVP, Know HOW FTBC gets support of SVP, Know HOW
Know WHAT Signet says about LSE listing Know WHAT Signet says about LSE listing
Anglo American plc contributes to DDI Anglo American plc contributes to DDI

Conversations

Top
Facebook Twitter Pinterest Instagram Linkedin