Diamonds, Bernie, Ethics, Politics and ValuePosted by Steve Hawkins on March, 27th, 2016
I am told about 80% of young people support Bernie Sanders. I am also told about 80% of young people buy their engagement rings from The Sterling companies. Why support Sterling?
THE STERLING MONOPOLY
Sterling includes Jared’s, Kay’s, Zales, JB Robinson, Shaw’s and more. All one company. Sterling is a subsidiary of Signet, is a UK holding company Signet Jewelers Ltd. (Ratner Group 1949-1993 then Signet Group plc to September 2008) and the world’s largest retailer of diamond jewelry. The company is listed on both the New York Stock Exchange and the London Stock Exchange and operates in the middle market jewelry segment. It has the number one positions in the U.S., Canada and UK specialty jewelry markets.
ORGANIZED IN BERMUDA! WHY?
They do business in the US – but are organized in Bermuda to avoid paying taxes! So why on earth does anyone, let alone young people support Sterling’s stores? If one cares about local jobs, tax base, and a local economy, then why would young people support the very businesses and practices that Bernie is against?
Signet Jewelers Ltd. is subject to at least two class actions through its subsidiaries, Sterling Jewelers and Jared the Galleria of Jewelry. Despite being a business providing products for women, it is being sued by 44,000 female employees and former employees for discrimination. The action was launched in 2008 and Sterling is still fighting it 2015.
Jared the Galleria of Jewelry and Signet are being sued in another class action for failing to disclose the treatments it applied to gemstones to make the stones appear to be of higher quality and more valuable than they were. While it is not uncommon to treat gemstones, it is unethical and illegal to fail to disclose the treatments.
BETTER ETHICS, LOWER PRICES
Why pay so much more while supporting questionable ethics? A one carat I color, SI 2 Clarity, Tolkowsky cut solitaire diamond ring from one of their stores costs $7,999.99. We sell an I color, SI 2 Clarity, AGS certified IDEAL cut, a better polished diamond and ring for $5,899. A better deal, and a better diamond. That is $2,100 dollars less. That’s money that can be used towards a house, a car, the wedding…..and better yet all that money is recirculated in our local economy, and provides local jobs instead of going off shore.
Support good local businesses, get better value, more choices, and do yourself and community right. Don’t wait for any politician to fix it for you when you can fix it your own self. They’re not going to do it – YOU have to do it!