Tiffany Sues Costco Over Alleged Knockoff Engagement Rings

"Most consumers realize that the designer handbags displayed at the local flea market are knock-offs, but it becomes more of a problem for brand owners when counterfeit products are sold – knowingly or not -- through reputable outlets," she said.

Talley said counterfeiting is a $600 billion a year problem fueled, in part, by consumer demand.

"Consumers need to be aware of the pervasive nature of counterfeiting, and keep in mind the old adage that 'if the deal is too good to be true, it probably is'," she said.

Though Tiffany & Co. reported disappointing holiday sales last month, the company is nearly synonymous with the market for high-end engagement rings.

The company reported sales in the Americas region increased 3 percent to $516 million during the two month period that ended Dec. 31. Global sales were $992 million, an increase of 4 percent.

In December, Costco Whole Corporation reported first quarter earnings of $416 million, compared to $320 million in the same quarter the previous year.

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