An Australian jewellery retailer once popular with so-called Hollywood stars and local trend-setters is in hot water after a flood of consumer complaints.

David Joyner, acting director of Consumer Affairs Victoria

Shannakian Fine Jewellery has more than 25,000 followers on Instagram, and the Consumer Affairs Victoria statement says that many of the complaints stem from this Instagram account.

The Facebook account has around 1,000 followers and was registered on 28 February 2014.

The public warning marks a dramatic fall from grace for an Australian jewellery company that once enjoyed significant popularity among fashion trend-setters.