There has been a recent emergence in reports of ‘diamond swapping’ among chains such as Kay, Zales, and Jared. Arizona estate consultant wants you to be informed and mindful of any ‘diamond swapping’ that could happen to anybody. Signet Jewelers Ltd., owner of the Kay, Zales and Jared chains, denied the allegations of the dishonest, systematic practice of switching customers’ gems for lower-quality stones after numerous reports the company repeatedly engaging in the act. “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 Hamilton, Bermuda-based jeweler said in a statement. “Incidents of misconduct, which are exceedingly rare, are dealt with swiftly and appropriately.”
BuzzFeed hasn’t always been the most respected source of news but the company got to the bottom of the story from a Maryland woman who said her $4,299.99 engagement ring had its diamond swapped out for a man made replica while it was being serviced. The ring was purchased at a Kay Jewelers, adding resonance to the claims. The BuzzFeed story has a few others joining in on the complaint that their diamonds were unknowingly replaced with lesser quality stones.
Signet Jewelers felt the sting the most when a powerful newsletter from James Grant which sent Signet’s stock down 14 percent. His letter also addressed the criticisms of Signet Jewelers’ financing side, which allows for plans for customers to afford the jewelry.
In its statement on Friday, Signet said it there was no influx of complaints regarding ‘diamond swapping’ under its care. They then said that they handle more than 4 million service requests per year and 99 percent have no negative feedback. “Signet has in place vigorous product quality procedures that are consistently monitored,” the company said. “Our teams review the characteristics of the item with the customer both when they drop their jewelry off and when they pick it up following service or repair to ensure their confidence in the safe return of their original piece.”
Apparently Signet can say whatever they want but it will not work to calm down any agitated investors because the stock fell again on Friday to over 3 percent. The stock sat at about $88 in New York and a whopping 11 percent down for the week total. Signet Jewelers may strongly condone the action itself but they must then follow up and monitor employees within each individual store and they have about 3,600 of them to keep track of and reexamine the amount of trust within them.
The cases reported were only people that thought to check that their jewelry wasn’t mishandled. Arizona estate consultants want you to keep in mind that the wrongdoing could happen anywhere and any follow up appraisals might be worth your time. How many numerous others were affected and didn’t notice? The number of reports of ‘diamond swapping’ could be a lot bigger than we could expect if it is continuously unchecked.