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TUCSON - An estimated $1 million of counterfeit luxury-brand jewelry was seized from a pair of vendors at the Gem and Lapidary Wholesalers show by ICE agents yesterday.

Two men were arrested, and over 2,500 pieces of jewelry and $35,000 in cash was seized from booths at the Gem Mall pavilions on Country Club Road and in the Holiodome on Palo Verde Road by ICE's Homeland Security Investigations, according to a news release from ICE.

The items featured fraudulent trademarks from companies such as Tiffany & Co., Chanel, Hermes, Coach, Gucci and more. While the final value of the merchandise is still being calculated, agents estimate the items have a suggested retail price from manufacturers of over $1 million.

The two men face possible state charges for fraud, counterfeiting, money laundering and illegal enterprise, officials say. They were released on their own recognizance, pending indictment in Arizona state court.

"People sometimes think they're getting a ‘gem' of a deal when they buy knock-off luxury items," said Matt Allen, special agent in charge of HSI in Arizona. "In reality, they are supporting crime. Intellectual property theft hurts American workers and American business and is often tied to other types of criminal activities."

The vendors came under suspicion after HSI agents received a tip that suspected counterfeit items were being sold at three booths. Workers at the booths told undercover agents the items were fake, then sold them to investigators.