Fourier Inversion and Convolution

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For $f, g$ in Schwartz function, I have $\widehat{D^\alpha f}=|\xi|^\alpha{}\hat{f}(\xi).$

My question is that if

$$(|\xi|^\alpha\widehat{fg}(\xi))\check{}=(|\xi|^\alpha{})\check{}*(\widehat{fg}(\xi))\check{}$$

holds or not. Does it?