Kay Jewelers Owner Denies Engaging in ‘Diamond Swapping’
- Signet responds to reports that its stores duped consumers
- Stock suffered after complaints were mentioned in newsletter
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Signet Jewelers Ltd., owner of the Kay, Zales and Jared chains, denied systematically switching customers’ gems for lower-quality stones after reports alleged the company repeatedly engaged in the practice.
"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."