Majors

Signet Refutes Allegations of Systematic Diamond Swapping

MajorsJun 09, 2016

Signet Refutes Allegations of Systematic Diamond Swapping

The jeweler says it “strongly objects” to “grossly amplified” allegations on social media that its team members regularly switch customers’ diamonds for moissanite or diamonds of lesser quality.

2016_Kay-Jewelers.jpg
Signet Jewelers, parent company of Kay Jewelers stores, says it “strongly objects” to “grossly amplified” allegations on social media that its employees systematically mishandle customers’ jewelry repairs or swap out their diamonds.

Akron, Ohio--Signet Jewelers is refuting reports of widespread “stone swapping”--switching out customers’ diamonds for moissanite or diamonds of lesser quality--at its Kay Jewelers stores.

In a statement issued after a BuzzFeed report generated a deluge of negative comments on social media, the country’s largest jeweler said it has vigorous product quality procedures in place that are consistently monitored. Its teams review the characteristics of the item with the customer both when they drop it off and when they pick it up following service or repair to ensure the safe return of their original piece.

Signet said it “strongly objects” to the allegations on social media, which have been “grossly amplified,” that its team members systematically mishandle customers’ jewelry repairs or swap out their diamonds. “Incidents of misconduct, which are exceedingly rare, are dealt with swiftly and appropriately,” the company added.

It also noted that its customer service team has not received an unusual number of complaints lately and that it manages more than 4 million service and repair transactions each year, with more than 99 percent completed without negative customer feedback.

Even so, the jeweler noted in a further statement to National Jeweler that it is “actively reviewing” the issues brought up by the BuzzFeed story and is evaluating its processes to see if there’s any way they can be improved.

Signet Jewelers, which operates Zales and Jared the Galleria of Jewelry as well as Kay, sent out its statement last week, a day after its stock price dropped when stone-swapping allegations as well as renewed criticisms about the size and quality of its credit portfolio was mentioned in James Grant’s investment newsletter.

As noted in its first quarter results released May 26, the company’s board of directors has authorized management to conduct a strategic evaluation of its credit portfolio and has hired Goldman Sachs to be its financial advisor in this process.

“Signet will consider a full range of options with respect to its credit operations and update investors as appropriate,” the company said.

The BuzzFeed story that ignited the social media firestorm ran on May 25 and detailed the experiences of a trio of women who claimed their diamonds were switched for moissanite or lesser-quality stones by employees at three different Kay stores.

More than a week later, the social media chatter has yet to die down, with the subject of diamond swapping dominating many posts on the Kay’s Facebook page.

On

Wednesday, Kay Jewelers posted a photo of a ring set with a Leo Diamond with the text, “Love shines brighter when you find your perfect match.”

“Pretty ring and cute quote,” one Facebook user responded. “Too bad that perfect match gets swapped out for a less attractive and lesser quality diamond.”

Many posts met with similar responses, though it appears the social media team at Kay Jewelers was making an effort to reply to each and every one, offering avenues for resolution in many cases.

“The trust of our customers is not something we take lightly. It has been an honor to help our customers celebrate life and express love through our high quality jewelry for almost 100 years, and dedication to superior customer service and quality control is integral to who we are and how we conduct business,” Signet CEO Mark Light said in the company statement. “Our guests are our most precious commodity, and we are committed to maintaining their trust.”
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Sriram “Ram” Natarajan
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations

Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.

Retrouvaí Diamond Vein Bond Collar
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ Collar

The one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.

Target CEO Brian Cornell and COO Michael Fiddelke
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag

Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Jewelers of America in Washington DC
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC

The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.

Weekly QuizAug 22, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Tiffany & Co. Pop Up at U.S. Open
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US Open

The pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.

Bellman’s Jewelers The Truthful Jeweler Alex Bellman
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes Off

The New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Stock image of police cars with lights flashing
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, Robbed

The latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.

Oris New York Harbor Limited Edition II Watch
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster Restoration

The new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.

Jewelers for Children logo
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ Challenge

Participants who attend any three Rings of Strength events will be awarded a special medal.

Lulo Rose pink diamond
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner Lucapa

The investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.

National Jeweler columnist and jewelry sales expert Peter Smith
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry Retail

Smith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.

Fake Van Cleef & Arpels Alhambra earrings
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ Earrings

The counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.

MJSA Logo
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally Recognized

The MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.

Masaki Obu
WatchesAug 19, 2025
Casio America Names New Timepiece Division Manager

Casio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.

Michael Barabash and husband Raymond Cuadrado
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58

Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.

John Hardy Dot Coil Necklace and Dot Hoop Earrings
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on Point

Originally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.

IJO Vendor of the Year Allison-Kaufman
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the Year

Allison-Kaufman has received the honor for the fourth year in a row.

Image of Winona Ryder and Iman from Pandora’s Be Love marketing campaign
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans

The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.

Taylor Swift Etho Maria ruby earrings The Life of a Showgirl TS12
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings

Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.

Audemars Piguet Starwheel Watch
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in Manufacturer

Its investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.

Nicolette Bianchi
MajorsAug 15, 2025
Rio Grande Names New Marketing Director

Nicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.

Pippa Small Myanmar Fish Cluster
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’

Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.

Casio America CEO Yusuke Suzuki
MajorsAug 14, 2025
Casio America Names New CEO

Longtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.

LA Trading Day
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LA

The full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.

Cristiano Ronaldo and Stephanie Gottlieb Ring
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut Diamond

Model Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy