IndependentsMar 14, 2025
Stafford’s Diamonds in Ohio to Close After 40 YearsThe Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.
FinancialsJun 15, 2020
Signet’s SEC Filing Lays Bare Its COVID-19 Concerns
The retailer is worried about customers’ willingness to visit stores and what a second wave of the virus would mean for business.
As part of Signet’s reopening plans, employees are wearing masks and gloves and regularly cleaning stores. In a recent SEC filing, the retailer listed consumers’ health and safety concerns regarding in-store shopping as one of the risk factors that could impact business. (Photo courtesy of Signet Jewelers)
Akron, Ohio—Signet Jewelers Ltd. said it needs more time to submit its latest Form 10-Q to the U.S. Securities and Exchange Commission as it assesses the impact of the coronavirus pandemic.
In a filing made last week, the retailer said an extension is necessary because it has “experienced significant disruptions due to the unprecedented conditions surrounding the COVID-19 pandemic.”
In its first quarter, which ended May 2, Signet reported a 39 percent year-over-year decline in same-store sales, while total sales dropped 40 percent.
The retailer closed all its stores in late March due to the pandemic, and furloughed most of its store and support center employees while slashing executive salaries.
Signet released interim financial results June 9, but the company said it will need to further evaluate the impact before submitting its finalized report.
“The full extent of COVID-19 on the company’s operations, financial performance, and liquidity, depends on future developments that are uncertain and unpredictable,” it said.
The retailer is updating its “Risk Factors” section for the SEC to include “public health crises or disease outbreaks, epidemics or pandemics” as a threat to its business, jeopardizing finances, debt levels, ability to raise capital, lease obligations, and more.
While its ecommerce business performed well in its first quarter, the company noted the “shutdown of the New York diamond operations”—meaning the forced closure of its James Allen distribution center in New York City—took a toll on online sales.
Signet said it’s possible the ecommerce business will be impacted by a number of factors, including the COVID-19 pandemic, economic downturn, and additional state and federal mandates to close retail stores.
Its global supply chain overall was interrupted, said Signet, and could be further interrupted, increasing the costs of production and distribution.
RELATED CONTENT: Here’s How Signet Is Reopening Its StoresThough Signet has begun reopening stores in select locations, it temporarily closed a small percentage of its stores “in connection with the widespread protests across the country and out of concern for the well-being of its customers and employees.”
Signet noted in its risk factors that even after stores are reopened, there is “significant uncertainty” around customers’ willingness to visit.
Though the retailer has implemented safety procedures at its reopened stores, it can’t say for sure how effective they will be and how any virus-related illness linked, or said to be linked to, its stores could harm its reputation and balance sheet.
Signet also noted the impact of the
Editors' Picks
Sponsored by
pandemic on its employees. Employees who are sick, quarantined, or otherwise kept from work and travel could have “adverse impacts” on the company.
Signet is expected to file its final 10-Q no more than 45 days from the initial due date of June 11.
Signet is expected to file its final 10-Q no more than 45 days from the initial due date of June 11.
More on Financials
The Latest
Events & AwardsMar 14, 2025
JVC Reveals Recipient of Stanley Schechter AwardReeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.
CollectionsMar 14, 2025
Piece of the Week: Sorellina’s Aries Zodiac PendantThe piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.
Brought to you by
Watch: GIA Field Gemology at the One-Hundredth Expedition: A Look Back and to the FutureSupplier Spotlight Sponsored by GIA
MajorsMar 13, 2025
Tanishq Opens 2 New Stores in the U.S.The Indian jewelry brand recently opened stores in Atlanta and Seattle.
Weekly QuizMar 14, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMar 13, 2025
Chopard Unveils High Jewelry Collection Created From 6,225-Carat Emerald The 15 pieces were crafted from the “Insofu” emerald, discovered in Zambia in 2010.
MajorsMar 13, 2025
Jewelers Mutual Names New CFO, TreasurerChris Anderson is joining the insurance provider as the new chief financial officer and treasurer.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
Lab-GrownMar 13, 2025
JA Offering Some ‘Counter Intelligence’ on Diamonds Jewelers of America is distributing a brochure for retailers to use when discussing the differences between natural and lab-grown diamonds.
SourcingMar 12, 2025
5 Factors That Will Impact the Diamond Industry in 2025The industry is changing as it grapples with new realities around distribution, supply, and the need for consistent, effective marketing.
SourcingMar 12, 2025
Q&A: New GJEPC Chairman Kirit BhansaliBhansali discusses the potential impact of U.S. tariffs, demand for diamonds by market, and the “cautious confidence” in India right now.
Lab-GrownMar 12, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond SectorAs lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.
SourcingMar 12, 2025
Indian Leader, Retailer Among 2025 DDG Honorees Govind Dholakia and Tanishq will be recognized for their contributions to the industry at the Diamonds Do Good Awards in Las Vegas.
IndependentsMar 12, 2025
Marla Aaron Migrates to LondonThe New York City-based brand has opened its first U.K. location with a permanent shop-in-shop at Liberty in London.
AuctionsMar 12, 2025
A Medieval Bishop’s Sapphire Ring Is Going Up for SaleA metal detectorist discovered the ring that is believed to have belonged to a bishop in the late 12th to early 13th century.
Events & AwardsMar 12, 2025
JA New York Announces Education, Live Demo LineupsOrganizers looked to new partnerships and interactive experiences to enhance the spring show, set for March 16 to 18.
Events & AwardsMar 12, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC LuncheonKenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.
CrimeMar 11, 2025
Man in Florida Swallows Allegedly Stolen Tiffany & Co. Jewelry The suspect allegedly stole almost $800,000 worth of diamond jewelry from a store in Orlando and then swallowed it during a traffic stop.
ColumnistsMar 11, 2025
Creative Connecting: How to Pose on the Red CarpetAhead of the Gem Awards on Friday, Jen Cullen Williams and Duvall O’Steen share pro tips for taking the best photos.
CollectionsMar 11, 2025
Marco Bicego Celebrates 25 Years With Collection, CampaignFounded in 2000, Marco Bicego is commemorating its milestone anniversary with a “25 Best” collection and campaigns honoring its heritage.
TechnologyMar 11, 2025
Hill & Co. Launches New B2B Buyer DatabaseThose attending the company’s upcoming Zoom workshop will receive early access to “The List,” its new resource for finding buyers.
Events & AwardsMar 11, 2025
JSA to Honor GIA Employee at Annual LuncheonThe organization will present an award to Amy-Elise Signeavsky, law enforcement and diamond recovery manager at GIA.
MajorsMar 10, 2025
Terry Chandler to Retire After 24 Years as Head of DCA Chandler started his jewelry career at Michelson Jewelers, joining the Diamond Council of America as president and CEO in 2001.
CollectionsMar 10, 2025
MaeVona Co-Founder Debuts 3D-Printed ‘Tùsaire’ CollectionScottish American designer Maeve Gillies collaborated with Platinum Guild International on jewelry created by direct metal 3D printing.
Events & AwardsMar 10, 2025
The Jewelry Symposium Announces 2025 Scholarship WinnersAhead of its trade show in May, TJS awarded free registration and accommodations to five up-and-coming jewelry industry professionals.
Events & AwardsMar 10, 2025
These Designers, Journalists, and Retailers Are Up for a Gem Award The 2025 Gem Awards are set to take place Friday at Cipriani 42nd Street in New York City.
MajorsMar 07, 2025
Jane Fonda, Mariska Hargitay Star in Pomellato’s IWD CampaignThe annual star-studded campaign for International Women’s Day encourages collective action against domestic violence.
