Some customers are claiming that after they took their diamond jewelry to Kay Jewelers, the rare stones were mysteriously replaced with cheap imitations. Kay said that it is “actively reviewing this issue.” Shares of Signet Jewelers (SIG), Kay’s parent company, fell as much as 11 percent on Thursday, although the share plunge came after the company’s earnings fell short of analysts’ estimates.
Chrissy Clarius told BuzzFeed that she would bring her $4,300 engagement ring, which was bought at Kay Jewelers, to Kay every six months to get it inspected, as this was part of the company’s gemstone guarantee that insures the stone will “last forever.” After taking the ring in February for its six-month checkup, she said the Kay employee couldn’t find the diamond’s certification number. Suspicious, she took the ring to another jeweler, who tested the stone and declared that it was moissanite, a cheaper stone.
Apparently this and other kinds of fraud are rife at Kay Jewelers, which is exactly the reason why people like state Attorneys General exist. Hopefully one or more of them investigate this nastiness soon.
Incidentally, a more comprehensive expose is on Buzzfeed.