MajorsOct 07, 2021
Why Signet Is One of the ‘Best-Positioned’ Retailers This Holiday SeasonMajorsOct 12, 2021
Signet to Acquire Diamonds Direct in $490M Deal
The chain’s 22 locations will continue to operate as Diamonds Direct stores but become part of the growing Signet portfolio.
Diamonds Direct USA Inc. operates 22 stores in 13 states and has its corporate headquarters in Charlotte, North Carolina. Signet Jewelers Ltd. is set to acquire the chain for $490 million in cash.
Fairlawn, Ohio—Signet Jewelers Ltd., already the largest specialty jeweler in North America by a wide margin, plans to make another acquisition.
On Tuesday morning, the company announced plans to acquire Diamonds Direct USA Inc., the Charlotte, North Carolina-based retailer that operates 22 freestanding stores in 13 states and emphasizes price and selection as its selling points.
Signet is acquiring the jeweler in a $490 million all-cash transaction that is expected to close in the fourth quarter of Signet’s fiscal 2022.
Following the acquisition, all the chain’s locations will continue to operate as Diamonds Direct stores and its branded offerings will remain intact.
The retailer’s leadership team will remain in place as well, Signet said. Diamonds Direct President Itay Berger will report to Signet CEO Gina Drosos.
“I am excited about Diamonds Direct joining the Signet family as we share a passion for company culture that prioritizes our team members, our customers and our community,” Berger said in the release. “We are thrilled to continue to grow our business, leveraging Signet’s strengths and strategic capabilities to bring even more innovation and value to our signature shopping experience.”
For Signet, the acquisition of Diamonds Direct gives it a banner that is bridal-focused and appeals to a younger demographic.
“The accretive addition of Diamonds Direct to our portfolio will further drive shareholder value with its distinct bridal-focused shopping experience and add a new entry point as we build lifetime customer relationships and strive to reach our $9 billion revenue goal over time,” Drosos said.
Related stories will be right here …
On Tuesday morning, the company announced plans to acquire Diamonds Direct USA Inc., the Charlotte, North Carolina-based retailer that operates 22 freestanding stores in 13 states and emphasizes price and selection as its selling points.
Signet is acquiring the jeweler in a $490 million all-cash transaction that is expected to close in the fourth quarter of Signet’s fiscal 2022.
Following the acquisition, all the chain’s locations will continue to operate as Diamonds Direct stores and its branded offerings will remain intact.
The retailer’s leadership team will remain in place as well, Signet said. Diamonds Direct President Itay Berger will report to Signet CEO Gina Drosos.
“I am excited about Diamonds Direct joining the Signet family as we share a passion for company culture that prioritizes our team members, our customers and our community,” Berger said in the release. “We are thrilled to continue to grow our business, leveraging Signet’s strengths and strategic capabilities to bring even more innovation and value to our signature shopping experience.”
For Signet, the acquisition of Diamonds Direct gives it a banner that is bridal-focused and appeals to a younger demographic.
“The accretive addition of Diamonds Direct to our portfolio will further drive shareholder value with its distinct bridal-focused shopping experience and add a new entry point as we build lifetime customer relationships and strive to reach our $9 billion revenue goal over time,” Drosos said.
The planned acquisition of Diamonds Direct is the latest in a line of acquisitions, changes and additions for Signet, which has outperformed since the start of the pandemic due to digital innovation and a shift from spending on experiences and travel to fine jewelry.
Earlier this year, the company acquired jewelry rental/subscription service Rocksbox, added lines from tennis superstar Serena Williams and bridal designer Monique Lhuillier, and rebranded one of its most successful banners, Piercing Pagoda.
It also outlined a set of 44 ambitious sustainability goals for the next decade, which include fostering greater diversity in its workplace and among suppliers, and helping to fight climate change.
Editors' Picks
Sponsored by
Alongside the announcement of the acquisition, Signet announced it is raising its financial guidance for the third time this fiscal year.
The jeweler now expects third quarter same-store sales growth of 10-12 percent, up from earlier guidance of 1 percent comp growth at best.
For the full year, same-store sales are expected to grow 35-38 percent, up from the previous prediction of 30-33 percent. Revenue is expected to top $7 billion.
In raising the guidance, Chief Financial and Strategy Officer Joan Hilson echoed what Wells Fargo analysts said in a note last week—Signet is not beset with the same supply chain issues currently facing many retailers and continues to benefit from strong jewelry sales.
“Customers are showing positive response to our new product launches, and the reduction in government stimulus and customer shift to spending on entertainment and travel are having less impact than we previously anticipated,” said Hilson.
“While there remain factors beyond our control, our strengthened supply chain and vendor partnerships gave us the ability to plan earlier receipt of holiday product, and we currently do not expect any material supply chain disruptions. Signet uses air freight for the transit of the vast majority of our merchandise, thus avoiding current ocean freight congestion.”
The jeweler now expects third quarter same-store sales growth of 10-12 percent, up from earlier guidance of 1 percent comp growth at best.
For the full year, same-store sales are expected to grow 35-38 percent, up from the previous prediction of 30-33 percent. Revenue is expected to top $7 billion.
In raising the guidance, Chief Financial and Strategy Officer Joan Hilson echoed what Wells Fargo analysts said in a note last week—Signet is not beset with the same supply chain issues currently facing many retailers and continues to benefit from strong jewelry sales.
“Customers are showing positive response to our new product launches, and the reduction in government stimulus and customer shift to spending on entertainment and travel are having less impact than we previously anticipated,” said Hilson.
“While there remain factors beyond our control, our strengthened supply chain and vendor partnerships gave us the ability to plan earlier receipt of holiday product, and we currently do not expect any material supply chain disruptions. Signet uses air freight for the transit of the vast majority of our merchandise, thus avoiding current ocean freight congestion.”
EditorsApr 01, 2021
What’s Next for Signet JewelersMore on Majors
The Latest
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
