After 'Diamond-Swapping' Claims, Signet to Test Diamond Tracking Technology

Finance and Trade
29/08/2016 08:47

In response to allegations of diamond swapping earlier this year, Signet Jewelers will carry out the trial of mapping technology that will allow customers to track diamonds they buy from the retailer. The equipment enables the customer to see the flaws in a diamond. Signet will test it from November to January at Kay Jewelers stores, Rapaport reports. Every diamond has a “thumbprint” and "unique marks," Mark Light, Signet’s chief executive officer, said in a call with analysts. "We will mark those on a digital screen and then we’ll have the ability to digitally send over that picture to our customers via email and keep it in our own files." The move will produce “even more transparency for our customers,” Light added.

Signet, which created the technology internally, plans to trial it in “hundreds” of stores before it weighs up marketing it more widely. Signet’s share price fell 20 percent following allegations, published on BuzzFeed in May, that claimed some diamonds handed in for repairs were “replaced” to the detriment of owners. In a statement, Signet denied any “systematic” diamond-swapping by its employees and said cases of misconduct were “exceedingly rare” and “are dealt with swiftly and appropriately.”