AuctionsNov 13, 2026
Historic ‘Romanov Sapphire’ Achieves $4.9M at Sotheby’sThe 197-carat Russian Crown jewel was the leading lot of Sotheby's white-glove Royal & Noble Jewels sale this week.
MajorsJan 17, 2019
Signet Jewelers Fined $11M Over In-Store Credit Cards
The jewelry giant disputed allegations that its in-store credit practices were deceitful but said it will pay the fine to put an end to litigation.
Akron, Ohio—Signet Jewelers has agreed to pay $11 million in fines after its in-store credit practices caught the eye of regulatory agencies, though the jewelry giant has not admitted to any wrongdoing.
Sterling Jewelers, the unit comprised of Kay Jewelers and Jared the Galleria of Jewelers along with a few regional brands, has been ordered to pay $10 million to the U.S. Consumer Financial Protection Bureau and $1 million to the office of New York Attorney General Letitia James.
James accused the company of pushing employees to sign customers up for in-store credit cards by setting sign-up quotas and linking the number of customers signing up to employees’ performance reviews and compensation.
The New York attorney general also said Sterling misled customers into thinking they were signing up for a rewards program but then used their information to file credit card applications. Consumers didn’t know they had signed up for a credit card until they received a credit report inquiry or the card showed up in their mailboxes.
Even in situations when customers knew they were applying for credit cards, employees allegedly misrepresented the terms by telling customers they were being enrolled in “no interest” promotional financing plans when, in fact, there were monthly financing fees.
Lastly, the attorney general’s office said consumers were enrolled in credit insurance—a type of policy that pays off a debt in the case of an unforeseen circumstance—connected to their in-store credit cards without their knowledge or consent.
“By tricking consumers into enrolling in store credit cards, Sterling Jewelers betrayed customers’ trust and violated the law,” James said in an official statement. “This settlement holds the company accountable for its misconduct and ensures that no more consumers are deceived.”
Signet said in a statement that while it disagrees with the allegations, the company has chosen to settle to avoid the time and cost of continued litigation.
“We have used this opportunity to internally reaffirm the transparency and fairness of our credit-related policies, and we look forward to continuing to provide our customers with access to suitable credit options,” the jewelry retailer said.
Signet took a deep dive into its credit practices back in 2016 after analysts began commenting on the amount of subprime debt weighing heavy on its books, meaning the company might have been lending to too many consumers with low credit scores.
The company announced plans to outsource its credit portfolio back in May 2017, selling $1 billion worth
of prime-only accounts to Alliance Data System Corp, and completed its outsourcing in July 2018.
The Consumer Financial Protection Bureau notified Signet in September 2017 via a letter that its Office of Enforcement might recommend legal action against the company for violating provisions of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act.
In addition to paying the fines, Signet will be required to thoroughly inform consumers about the in-store credit cards and credit insurance as well as complete a written compliance progress report for James’ office, as per a consent order filed in federal court in New York City.
The $11 million pre-tax charge will be recognized in the company’s fiscal fourth quarter results, which it is slated to report in March.
The Consumer Financial Protection Bureau notified Signet in September 2017 via a letter that its Office of Enforcement might recommend legal action against the company for violating provisions of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act.
In addition to paying the fines, Signet will be required to thoroughly inform consumers about the in-store credit cards and credit insurance as well as complete a written compliance progress report for James’ office, as per a consent order filed in federal court in New York City.
The $11 million pre-tax charge will be recognized in the company’s fiscal fourth quarter results, which it is slated to report in March.
More on Majors
The Latest
CollectionsNov 13, 2026
Maison Marcelle’s Bracelet Flows Like FabricThe “Équation” bracelet, our Piece of the Week, was built via 24 gold modules assembled into a piece that feels like fabric on the wrist.
IndependentsNov 13, 2026
Texas Jeweler to Close After 111 YearsAlter’s Gem Jewelry in Beaumont, Texas, is closing as Brian and Lori Alter retire to spend more time with family.
Brought to you by
DSF Antique Jewelry: Fine Jewelry, Signed Designers, and a World of Rare DiscoveriesWith over 50 years experience in the trade, DSF Antique Jewelry offers quality, craftsmanship, condition, and remarkable variety.
Events & AwardsNov 13, 2026
Tiffany & Co., CFDA Unveil Second Jewelry Designer Award Finalists Five finalists have been chosen for the Tiffany & Co. x CFDA Jewelry Designer Award’s second cycle.
Weekly QuizNov 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeNov 12, 2026
1 of 7 Men Charged in $100M Brinks Heist to Plead GuiltyThree of the other alleged perpetrators will stand trial next March, while two remain on the lam and one was deported late last year.
AuctionsNov 12, 2026
24-Carat ‘Bulgari Pink’ Diamond Sells for $14.8MUnseen for more than seven decades, the fancy intense pink diamond was the star of Christie’s Geneva jewelry auction.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
WatchesNov 12, 2026
Zadok Jewelers Now Offers Certified Pre-Owned Rolex WatchesThe curated selection is available online and at its showroom in Austin, Texas.
IndependentsNov 12, 2026
Greenberg’s Jewelers Welcomes New Fourth-Generation MembersThe next generation understands what makes the 126-year-old retailer special, said CEO and Co-President Elise Greenberg.
Lab-GrownNov 10, 2026
GIA Examines Pink Lab-Grown Diamond Made to Look NaturalThe 6-carat CVD-grown pink diamond was “deliberately modified” to mimic the appearance of a natural rough diamond, the lab said.
SourcingNov 10, 2026
Botswana in Line to Take Controlling Stake in De Beers, President Says If the Global Diamond Consortium emerges as the top bidder for De Beers, Botswana’s stake will double to 30 percent, Duma Boko said Monday.
ColumnistsNov 10, 2026
Who Checks the Facts When AI Writes Your Jewelry Copy?An incorrect AI-generated ad or product description can cost your store valuable consumer trust.
Events & AwardsNov 09, 2026
Here Are the 2027 Gem Award NomineesThese nine individuals and brands are up for a Gem Award in the Jewelry Design, Media Excellence, and Retail Innovation categories.
CrimeNov 09, 2026
Jeweler Pistol-Whipped, $900K in Jewelry Stolen During Home Invasion The incident, which happened in Miami-Dade County, serves as a reminder to jewelers of the dangers of selling and storing jewelry at home.
GradingNov 09, 2026
GIA Acquires Thousands of Gem Specimens With ‘Extraordinary’ InclusionsGIA Analytical Microscopist John Koivula curated the collection of 2,665 crystals, gems, and minerals over a 60-year span.
CollectionsNov 09, 2026
Bibi van der Velden’s Alligators Become High JewelryThe “Eclipse” collection, the brand’s first high jewelry line, centers its alligator motif in diamond and spinel jewels.
EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
