The MPH has recently conducted inspections on jewelry and jewelry production as part of their monitoring efforts. During the inspection, it was discovered that a product manufactured and sold by “Igit” Limited Liability Company contained a counterfeit diamond. What’s more, the product was sold without any markings and lacked the necessary information regarding the presence of counterfeit diamonds. It was further revealed that “Igit” LLC was supplying goods to retail networks through unfair intermediaries who were found to be engaging in acts of unfair competition. As a result, “Igit” LLC was fined 32 million AMD on November 28, 2023, by the RA SCC.

In addition to the fine imposed on “Igit” LLC, they were also fined 2 million drams on November 7, 2023. The unscrupulous intermediary, Avetik Hakobyan, was fined for obstructing the process, engaging in unfair competition, and failing to provide information to the RA SCC. The fines were issued on November 30, 2023, by decision No. 239-A, No. 238-A, and on November 7, 2023, by decision No. 469-A of the RA SCC, amounting to a total of approximately 4 million drams.

This recent development serves as a reminder of the importance of thorough inspections and monitoring in the field of jewelry production. It highlights the need for accurate information and proper markings to ensure transparency and consumer confidence. The swift actions taken by the MPH and the RA SCC demonstrate their commitment to maintaining fair competition and protecting consumers from counterfeit products.

As news from Armenia, this report sheds light on the consequences faced by “Igit” LLC for their involvement in selling jewelry with counterfeit diamonds. The substantial fines imposed on the company and the intermediary serve as a warning to others who may be engaging in similar unethical practices. The diligent efforts of regulatory bodies such as the MPH and the RA SCC play a vital role in upholding standards in the jewelry industry and safeguarding consumer interests.