SurveysJul 15, 2022
Signet Moves Up NRF’s List of ‘Top 100’ RetailersMajorsAug 09, 2022
Signet to Buy Blue Nile in $360M Deal
The jewelry giant said the acquisition will allow it to tap into a pool of customers who are younger, more affluent and ethnically diverse.
Signet Jewelers Ltd. announced Tuesday that it plans to acquire Blue Nile Inc. in an all-cash transaction expected to close in the third quarter of Signet’s current fiscal year. Pictured here is the Blue Nile showroom in Silicon Valley in California.
Akron, Ohio—Signet Jewelers Ltd. is making another acquisition.
The jewelry giant announced Tuesday morning that it has signed a definitive agreement to buy Blue Nile Inc. for $360 million in cash.
The Seattle-based retailer, which was founded in 1999 and was an early disruptive force in fine jewelry e-commerce, recorded sales of more than $500 million in calendar year 2021, Signet said. (National Jeweler’s estimates put Blue Nile’s 2021 sales at $741.1 million, making it No. 10 on the most recent list of $100 Million Supersellers.)
The company started as an online-only retailer but has cultivated a physical footprint over the years, opening a total of 22 “asset light” showrooms, small stores where customers can try on jewelry but still buy through the website.
Two private equity firms took Blue Nile private in 2017 but it was set to become a public company again in a deal expected to close in the fourth quarter, trading independently on the NASDAQ.
Signet said it sees the acquisition as a way to expand its bridal offerings and digital capabilities while also growing what it refers to as its “Accessible Luxury” portfolio, with Blue Nile joining Jared, James Allen and recently acquired Diamonds Direct.
Buying Blue Nile also brings the jeweler an “attractive” customer demographic that is younger, more affluent and ethnically diverse, Signet said.
“Blue Nile is a pioneer and innovator in online engagement rings and fine jewelry, providing a unique and highly desirable shopping experience for customers,” Signet CEO Virginia Drosos said.
“Adding Blue Nile to our strong and diversified portfolio of banners will further drive our ‘Inspiring Brilliance’ growth strategy—expanding customer choice, building new capabilities, and achieving meaningful operating synergies that will increase value for both our consumers and shareholders.”
Related stories will be right here …
The jewelry giant announced Tuesday morning that it has signed a definitive agreement to buy Blue Nile Inc. for $360 million in cash.
The Seattle-based retailer, which was founded in 1999 and was an early disruptive force in fine jewelry e-commerce, recorded sales of more than $500 million in calendar year 2021, Signet said. (National Jeweler’s estimates put Blue Nile’s 2021 sales at $741.1 million, making it No. 10 on the most recent list of $100 Million Supersellers.)
The company started as an online-only retailer but has cultivated a physical footprint over the years, opening a total of 22 “asset light” showrooms, small stores where customers can try on jewelry but still buy through the website.
Two private equity firms took Blue Nile private in 2017 but it was set to become a public company again in a deal expected to close in the fourth quarter, trading independently on the NASDAQ.
Signet said it sees the acquisition as a way to expand its bridal offerings and digital capabilities while also growing what it refers to as its “Accessible Luxury” portfolio, with Blue Nile joining Jared, James Allen and recently acquired Diamonds Direct.
Buying Blue Nile also brings the jeweler an “attractive” customer demographic that is younger, more affluent and ethnically diverse, Signet said.
“Blue Nile is a pioneer and innovator in online engagement rings and fine jewelry, providing a unique and highly desirable shopping experience for customers,” Signet CEO Virginia Drosos said.
“Adding Blue Nile to our strong and diversified portfolio of banners will further drive our ‘Inspiring Brilliance’ growth strategy—expanding customer choice, building new capabilities, and achieving meaningful operating synergies that will increase value for both our consumers and shareholders.”
The purchase of Blue Nile is the latest in a string of acquisitions for Signet.
The jeweler, which is the largest in North America in terms of both sales and store count by a wide margin, bought subscription service Rocksbox in April 2021 and followed up with the $490 million all-cash purchase of Charlotte, North Carolina-based chain Diamonds Direct that October.
At the same it released the Blue Nile news, Signet announced that it is downgrading its outlook for the fiscal year, which is an unusual move, noted industry analyst Paul Zimnisky.
Strange times, re: Signet $SIG, I don’t think I’ve ever seen a company announce an acquisition and cut guidance in the same release
— Paul Zimnisky, CFA (@paulzimnisky) August 9, 2022
The retailer said it now expects fiscal year sales to be in the range of $7.60 billion to $7.70 billion, down from $8.03 billion to $8.25 billion.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said, a trend particularly noticeable with higher price point items.
Drosos said the revised guidance is still about 25 percent higher than the annual revenue Signet recorded in FY20, pre-pandemic.
She added the company’s transformed operating model and strong balance sheet give it “dry powder,” even in a down market, to invest in expansion among its banners and with the acquisition of Blue Nile.
The retailer noted that its revised outlook for the fiscal year does not account for potential worsening of the macroeconomic environment or the pending acquisition of Blue Nile.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said, a trend particularly noticeable with higher price point items.
Drosos said the revised guidance is still about 25 percent higher than the annual revenue Signet recorded in FY20, pre-pandemic.
She added the company’s transformed operating model and strong balance sheet give it “dry powder,” even in a down market, to invest in expansion among its banners and with the acquisition of Blue Nile.
The retailer noted that its revised outlook for the fiscal year does not account for potential worsening of the macroeconomic environment or the pending acquisition of Blue Nile.
Editors' Picks
Sponsored by
Signet will fund its acquisition of Blue Nile with cash on hand.
It is currently expected to close in the third quarter of Signet’s current fiscal year. (Signet’s fiscal year runs from the beginning of February through the end of January. The company is currently in fiscal year 2023.)
The companies made regulatory filings regarding the transaction in July and the applicable waiting period has passed but the transaction is still subject to other customary closing conditions.
It is currently expected to close in the third quarter of Signet’s current fiscal year. (Signet’s fiscal year runs from the beginning of February through the end of January. The company is currently in fiscal year 2023.)
The companies made regulatory filings regarding the transaction in July and the applicable waiting period has passed but the transaction is still subject to other customary closing conditions.
More on Majors
The Latest
PodcastsMay 20, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Medal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
