Signet Jewelers Limited plans to trial its in-house diamond tracking technology for customers, after allegations of diamond replace reported in May 2016, according to a Rapaport report.
The device will be tested from November 2016 to January 2017 at Kay Jewelers stores, the report said. In a call with analysts following Signet’s Q2 results announcement on 25 August, the company’s CEO Mark Light said every diamond has a unique thumbprint which will be marked on a digital file and sent to customers for record. Light said the move will produce “even more transparency for our customers,” quoted the report.
BuzzFeed, the United States, published a piece of news in May 2016 claiming some diamonds handed in to Signet for repairs were “replaced”. The jeweller denied any “systematic” diamond-swapping by its employees and said cases of misconduct were “exceedingly rare” and “are dealt with swiftly and appropriately”. Following allegations Signet’s share price fell 20 percent.
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