CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
MajorsJan 17, 2019
Signet Jewelers Fined $11M Over In-Store Credit Cards
The jewelry giant disputed allegations that its in-store credit practices were deceitful but said it will pay the fine to put an end to litigation.
Akron, Ohio—Signet Jewelers has agreed to pay $11 million in fines after its in-store credit practices caught the eye of regulatory agencies, though the jewelry giant has not admitted to any wrongdoing.
Sterling Jewelers, the unit comprised of Kay Jewelers and Jared the Galleria of Jewelers along with a few regional brands, has been ordered to pay $10 million to the U.S. Consumer Financial Protection Bureau and $1 million to the office of New York Attorney General Letitia James.
James accused the company of pushing employees to sign customers up for in-store credit cards by setting sign-up quotas and linking the number of customers signing up to employees’ performance reviews and compensation.
The New York attorney general also said Sterling misled customers into thinking they were signing up for a rewards program but then used their information to file credit card applications. Consumers didn’t know they had signed up for a credit card until they received a credit report inquiry or the card showed up in their mailboxes.
Even in situations when customers knew they were applying for credit cards, employees allegedly misrepresented the terms by telling customers they were being enrolled in “no interest” promotional financing plans when, in fact, there were monthly financing fees.
Lastly, the attorney general’s office said consumers were enrolled in credit insurance—a type of policy that pays off a debt in the case of an unforeseen circumstance—connected to their in-store credit cards without their knowledge or consent.
“By tricking consumers into enrolling in store credit cards, Sterling Jewelers betrayed customers’ trust and violated the law,” James said in an official statement. “This settlement holds the company accountable for its misconduct and ensures that no more consumers are deceived.”
Signet said in a statement that while it disagrees with the allegations, the company has chosen to settle to avoid the time and cost of continued litigation.
“We have used this opportunity to internally reaffirm the transparency and fairness of our credit-related policies, and we look forward to continuing to provide our customers with access to suitable credit options,” the jewelry retailer said.
Signet took a deep dive into its credit practices back in 2016 after analysts began commenting on the amount of subprime debt weighing heavy on its books, meaning the company might have been lending to too many consumers with low credit scores.
The company announced plans to outsource its credit portfolio back in May 2017, selling $1 billion worth
Editors' Picks
Sponsored by
of prime-only accounts to Alliance Data System Corp, and completed its outsourcing in July 2018.
The Consumer Financial Protection Bureau notified Signet in September 2017 via a letter that its Office of Enforcement might recommend legal action against the company for violating provisions of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act.
In addition to paying the fines, Signet will be required to thoroughly inform consumers about the in-store credit cards and credit insurance as well as complete a written compliance progress report for James’ office, as per a consent order filed in federal court in New York City.
The $11 million pre-tax charge will be recognized in the company’s fiscal fourth quarter results, which it is slated to report in March.
The Consumer Financial Protection Bureau notified Signet in September 2017 via a letter that its Office of Enforcement might recommend legal action against the company for violating provisions of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act.
In addition to paying the fines, Signet will be required to thoroughly inform consumers about the in-store credit cards and credit insurance as well as complete a written compliance progress report for James’ office, as per a consent order filed in federal court in New York City.
The $11 million pre-tax charge will be recognized in the company’s fiscal fourth quarter results, which it is slated to report in March.
More on Majors
The Latest
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
SourcingAug 19, 2026
Vasant Mehta, a Dedicated Diamond Industry Leader, Dies at 81Mehta led India’s GJEPC through the 2008 financial crisis and was respected worldwide for his wisdom, integrity, and knowledge.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
