It could be either, there is vintage & modern jewelry with this mark. There is another Canadian company that uses that mark - Fifth Avenue Collection. You can see it here
http://www.illusionjewels.com/costumejewelrymarksf.htmlThey also have a website, in either case the stones are probably rhinestones, but good quality rhinestones are still very pretty!
This site is a gold mine! Many thanks for your info. What a wonderful reference. Girl, you got it going on!
On a sad note--while looking through the site, I discovered that Laurel Burch passed away 9/07. May she rest in peace; her art work was remarkable and very signature 80s-90s.