Online-titan Amazon has filed a patent application that may indicate it is planning to create its own private-label jewelry collection.
“For Keeps by Amazon,” which was filed at the US Patent and Trademark Office last week, is for “online retail sales of jewelry, namely precious metals and their alloys and goods in precious metals or coated therewith,” according to the filing.
Amazon sells a wide variety of items on its site, from books and clothing to bicycles and baby supplies. The e-tailer already sells jewelry from a number of vendors, as well as its own Amazon Collection, a range of lower- to mid-value pieces.
Many luxury-jewelry retailers have yet to venture into the online marketplace. A new line could help Amazon compete with the rise of luxury e-commerce platforms gaining in popularity, including Net-a-Porter and Farfetch, which recently went public with an $885 million initial public offering (IPO).
Shares in luxury-jewelry retailer Signet, which owns Kay Jewelers and Jared, among other brands, fell 2.6% after reports of the patent filing, Seeking Alpha reported.
Image: Amazon shipping box.