U.K. Market Loses $156M Annually From Fake Jewelry Sales

Finance and Trade
12/02/2016 09:06

The British jewelry and watch sector loses around $156 million (£108 million) every year as a result of counterfeit goods being shipped into the market, new EU figures show. Overall in the EU, the manufacture of counterfeit jewelry, watches, handbags and luggage costs businesses €3.5 billion ($3.95 billion) a year. Research from the Office for Harmonization in the Internal Market (OHIM), the EU’s largest intellectual property agency, reveals that counterfeiting affects 13.5% of sales of jewelry and watches affecting thousands of jobs and preventing governments from receiving income taxes, social security contributions, corporate income taxes and VAT.