Kay Jeweler, a local jewelry retailer, is the latest high-profile business to fall foul of the Forbes 500.
The company announced on Monday that it had been placed on the Forbes “100 Most Powerful People in Business” list, with its CEO and founder, Richard Kay Jewel, the No. 1 person on the list.
Kay Jewel was not included in the Forbes ranking due to its business model, which requires people to pay $5,000 to $10,000 per month for services like custom jewelry making.
In addition to Kay Jewel’s high-priced services, the company sells jewelry from the jewelry boutique and through its online store, Jewelbrook, and through a second, more affordable Kay Jewel online store.
Forbes has ranked the CEOs of more than 200 companies since 2000, but the magazine has not released its list of top-100 earners in a year.
“We have always had a high standard in terms of ethical business practices, and we believe that our success in our industry will be enhanced by our commitment to upholding those standards,” said Kay Jewel CEO Richard Kay, in a statement.
The listing, which comes after an investigation by The Business Insider’s Mark Gurman, included Jewelbrook and Jewelbrook’s online store as well as Kay Jewel retail stores and its online catalog.
Kay, whose business model is a mix of retail and online, did not respond to a request for comment.
In an article published on Tuesday, Gurman wrote that Kay Jewel has a business model that requires customers to pay a $5 to $5.50 monthly fee to have a custom-made item made, and it requires customers pay additional fees for the privilege of shopping online.
The article said Kay does not sell directly to consumers and that its online business is “part of its business” model, and that Kay’s jewelry business has “never had a single customer who refused to pay.”
“The reason Kay Jewel does not appear on Forbes’s list of the 100 most powerful people in business is because it does not make its own products and therefore does not generate profits for its owners,” Gurman writes.
The Forbes list does not identify the number of companies that are ranked on the annual ranking.
Kay’s name was not among the list of companies, but its business has been a hot topic on social media since Gurman published his article, with many pointing out the retailer’s high prices and lack of customer service.
The business model also has attracted criticism, with critics calling Kay Jewel a scam and calling the business model unethical and exploitative.
Kay told The Business Journal that he is “absolutely confident” that the Forbes list will not affect the company’s business.
“I believe in a fair, unbiased and unbiased review of companies,” Kay told the Journal.
“In the future, if a company is placed on Forbes, it will be evaluated based on the principles and ethics of Forbes.”
Forbes also did not release a list of celebrities who are on the “100 most powerful women in business.”