Industry News by Nemesis

Signet Open to Lab-Grown Diamonds

September 6, 2018

Signet Jewelers will consider selling lab-grown diamonds at its stores if consumer demand justifies such a move, CEO Gina Drosos said in a conference call with analysts. 

“We are very closely monitoring and assessing the demand for this emerging category,” Drosos said during the company’s earnings call last week. “We’ll make sure that Signet is well positioned to participate in that space if the growth and the economics of it are attractive and if customers point us in that direction.”

Lab-grown diamonds have garnered greater interest recently, after De Beers unveiled its Lightbox lab-grown-diamond jewelry brand in early June, and which is slated to start selling online this month. De Beers plans to forge partnerships with brick-and-mortar retailers to carry the collection in their stores in the next year or two, with growing speculation that Signet might be lining up to carry the collection. 

Signet is a sigththolder client for De Beers rough diamonds and is also participating in the miner’s Tracr blockchain initiative. 

Drosos echoed De Beers’ messaging that customers prefer natural diamonds for “really important purchases,” such as for engagement rings, special birthdays or graduations, whereas there is growing interest in lab-grown for fashion jewelry. She stressed that the company currently didn’t carry lab-grown diamonds at any of its stores, which include Kay Jewelers, Zales and Jared. 

Image: JCK Events

 

Source: Rapaport

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