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.
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
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
IndependentsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the AmericasLongtime LVMH executive Michael Burke has stepped into the role.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales DirectorVickie Rokkos has joined the jewelry company as its new national sales director of North America.
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in ArkansasThey discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.
CollectionsJul 08, 2025
Mikimoto’s High Jewelry Collection Turns Pearls into PetalsThe “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.
ColumnistsJul 08, 2025
Peter Smith: Why Jewelers Struggle With Premium PricingLuxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.
IndependentsJul 08, 2025
David Rotenberg of David Craig Jewelers Dies at 79Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.
TechnologyJul 08, 2025
‘Diamond Divas’ Brings the Showroom to Social Media Reality SeriesIt follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.
Policies & IssuesJul 08, 2025
SMO Gold Launches New FoundationIn its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.
