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Signet Refutes Allegations of ‘Diamond Swapping’

Jun 5, 2016 5:44 AM   By Rapaport News
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RAPAPORT... Signet Jewelers denied allegations that its employees “systematically” switch more expensive diamonds for lower-quality gems following claims the jeweler repeatedly engaged in diamond “swapping.”

Signet shares slumped 19 percent between May 25 and the market close on June 3, according to Yahoo Finance.

“We strongly object to recent allegations on social media, republished and grossly amplified, that our team members systematically mishandle customers’ jewelry repairs or engage in diamond swapping,” the owner of Kay Jewelers said in a statement. “Incidents of misconduct, which are exceedingly rare, are dealt with swiftly and appropriately.”

Signet’s response comes after a BuzzFeed report on May 25 alleged customers of Kay had complained their diamonds were “replaced” with other stones. One customer was said to have claimed a diamond had been “swapped” with moissanite when the ring was handed in for servicing and others reported their diamond had been “replaced” with someone else’s stone.

“Signet has in place vigorous product quality procedures that are consistently monitored,” the company added. “Although our customer service team has not received an unusual number of complaints related to these procedures, we take every customer concern seriously and make every effort to understand, resolve and learn from each one – and when issues arise, we do everything we can to make things right.”

Signet, which describes itself as the world’s largest retailer of diamond jewelry, said it has a “100-year history of providing products of impeccable quality and delivering superior customer service.”
Tags: diamond swapping, kay, Kay Jewelers, legal, Rapaport News, Signet, Signet Jewelers
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