[Translation] Fake jewelry and luxury goods: How to combat counterfeit markets with blockchain?

Fake Jewelry MarketDetermining the exact scale of the market is difficult. Currently, jewelry and luxury goods may not be the field with the widest counterfeit proliferation, but they are estimated to have the largest market size.

In 2017, losses from seized counterfeit jewelry and watches amounted to 1,400,000,000 dollars in the United States alone. Because counterfeit goods are usually meticulously forged, counterfeit-detection providers require extensive expertise and investigation to identify fake jewelry.

One famous example of such counterfeit cases occurred in March 2018, when U.S. Customs and Border Protection seized counterfeit jewelry and watches worth 1.4 million dollars.

That cargo was seized in Philadelphia and is known as one of the largest counterfeit seizures in the United States. While most counterfeit goods are typically shipped from Asian or African countries, in this case the package was sent from Hong Kong.