Office of Grand Ayatollah Khamenei (may Allah grant him long life):

If the purchaser has knowledge of the item being imitation, there is no problem in the transaction by itself.  However, if there is a law existing in this regard, it should be respected.

Office of Grand Ayatollah Sistani (may Allah grant him long life):

If he sells it as imitation jewelry, there is no problem.

Office of Grand Ayatollah Makarem Shirazi (may Allah grant him long life):

If the buyer knows that it is fake, there is no problem in the transaction.

An answer given by His Eminence, Ayatollah Mahdi Hadavi Tehrani (may Allah grant him long life) to the above question is as under:

If the transaction on imitation jewelry is made with the two parties’ knowledge of the quality and specifics of the items, there is no problem.