Key points
- Once considered a modern success story blending Middle Eastern heritage with Melbourne craftsmanship, Shannakian Fine Jewellery is now the focus of this Gems and Jewellery News report as a cautionary tale of how brand image and social media presence can quickly unravel in the face of consumer dissatisfaction and government intervention.
- According to the official statement released by Consumer Affairs Victoria, the agency received a spike in complaints starting February 2021 and was forced to issue a formal warning in September 2024.
- The acting director of CAV, David Joyner, stated that Shannakian Fine Jewellery’s conduct has “adversely affected the interests of its customers” and confirmed that the warning was made public in the interest of protecting consumers.
Gems and Jewellery News: Popular No More – How Shannakian Fine Jewellery Lost Public Trust
Once hailed as a go-to jeweller for Australian celebrities and even international stars, Shannakian Fine Jewellery has fallen under a heavy cloud of legal scrutiny and public outrage. Consumer Affairs Victoria (CAV), Australia’s consumer protection watchdog, issued a public warning against the retailer on May 22 following a growing wave of complaints about delayed deliveries, missing products, and unresolved refund requests. The company, long known for promoting bespoke luxury designs through glitzy Instagram campaigns, now finds itself the subject of multiple legal actions and intense regulatory pressure. There were even complains made by customers from Thailand and Singapore. Furthermore, a connection to Thailand has been established as the founder’s wife is apparently Thai and a lot of their jewellery lines were actually being made in Thailand.
A piece promoted on Shannakian social media accounts
Image Credit: Shannakian Fine Jewellery
Once considered a modern success story blending Middle Eastern heritage with Melbourne craftsmanship, Shannakian Fine Jewellery is now the focus of this Gems and Jewellery News report as a cautionary tale of how brand image and social media presence can quickly unravel in the face of consumer dissatisfaction and government intervention.
Public Warning and Mounting Complaints
According to the official statement released by Consumer Affairs Victoria, the agency received a spike in complaints starting February 2021 and was forced to issue a formal warning in September 2024. Yet despite that earlier warning, complaints have continued to pour in. In just the first five months of 2025, CAV received 14 new contacts from consumers about the business—on top of 28 separate contacts in 2024.
The acting director of CAV, David Joyner, stated that Shannakian Fine Jewellery’s conduct has “adversely affected the interests of its customers” and confirmed that the warning was made public in the interest of protecting consumers.
Complaints involve payments taken for jewellery that was never delivered, failure to refund faulty or undelivered items, and outright refusal to address grievances.
Joyner urged consumers to “exercise caution” when considering purchases from the company, especially as allegations point to systemic and prolonged misconduct.
Behind the Brand Image
Shannakian Fine Jewellery is operated by Shannakian Jewellery Pty Ltd, which was officially registered with the Australian Securities and Investments Commission (ASIC) only in January 2024. The business claims a much earlier origin story, stating on its website that founder Hovig Shannakian began his journey in 2007 and has over two decades of experience in jewellery making.
The brand gained popularity by positioning itself as a bespoke, appointment-only jeweller with showrooms in Melbourne and Sydney. It boasts more than 25,000 followers on Instagram, often showcasing celebrity endorsements and high-profile custom orders. Celebrities such as Bec Judd, Sonia Kruger, Roxy Jacenko, and even international figures like Khloe Kardashian and Kris Jenner were once seen sporting its jewellery.
However, the business model raises red flags. It functions more like a showroom than a traditional retail store, which means customers do not walk in and walk out with products. Instead, they must book appointments, discuss custom orders, and wait for delivery—a system that, according to customers, has failed repeatedly.
Questions Over Corporate History and Credibility
A puzzling inconsistency lies at the heart of Shannakian Fine Jewellery’s corporate identity. While its website claims the company has operated since 2007, ASIC documentation reveals that the company was only officially registered in January 2024. Prior to that, its social media accounts, particularly Facebook, operated under a different business name: Precision Diamond Setters. That name was officially changed in August 2015.
To make matters worse, the company has been subject to two winding-up applications. The first, filed in July 2024 by an individual, was followed by a second application in February 2025 by MMDIA Pty Ltd—an entity trading under the name Grown Diamonds. ASIC’s records show Grown Diamonds has itself been the subject of questionable practices in the past, including the use of a fake photo for publicity.
Despite these controversies, Shannakian Fine Jewellery makes no mention of lab-created or lab-grown diamonds on its website or Instagram, despite offering a wide range of diamond products. The lack of transparency raises concerns about the authenticity and sourcing of the jewellery sold.
Flood of Negative Reviews
Despite its polished marketing presence, the reality facing Shannakian Fine Jewellery appears far less glamorous. Its Google business profile holds over 400 reviews with a respectable 4.7 out of 5 rating. However, recent reviews reveal a disturbing trend, with many customers alleging fraud, failure to deliver products, and refusal to offer refunds. Trustpilot features only a single, deeply detailed review—one that paints a scathing picture of the company’s customer service and business ethics.
Furthermore, social media platforms like Reddit are now home to threads detailing consumer frustrations, echoing the same accusations cited in CAV’s public warning.
On Facebook, the company has just 1,000 followers, with its page administered by five Australian-based accounts. The business also maintains presences on TikTok, YouTube, and LinkedIn, though none of these platforms have been able to shield it from the rising tide of negative publicity.
No Comment from Management
Despite multiple attempts by journalists to contact the company, neither Hovig Shannakian nor his wife and co-operator Arpee Shannakian has responded to any media inquiries. Their silence further fuels speculation about the business’s future and deepens public mistrust.
Consumers seeking to lodge formal complaints are encouraged to contact Consumer Affairs Victoria directly by filling out an online complaint form, sending an email, or calling the hotline at 1300 55 81 81.
Industry Implications and Warning Signs
The fall of Shannakian Fine Jewellery underscores a growing concern in the luxury jewellery market—particularly in businesses that rely heavily on social media image rather than brick-and-mortar transparency. When the focus shifts from long-term customer trust to rapid online branding, the potential for consumer harm increases exponentially. As more consumers turn to boutique and custom jewellers, there is a pressing need for better regulation and stricter industry oversight.
This scandal also reminds us of how even well-followed brands with seemingly glowing testimonials can mask deeper operational issues. Potential buyers are urged to perform due diligence, consult third-party reviews, and verify business credentials before making large transactions with showroom-based or online jewellery retailers.
The Shannakian case sends a clear message to luxury retailers globally: image alone cannot sustain trust. Without a foundation of accountability, transparency, and customer satisfaction, even the most glittering brand can tarnish overnight.
And for those still waiting for products or refunds, the legal process may offer some hope—but it is far from a guarantee. Consumers should stay vigilant and explore all regulatory channels to seek redress.
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