WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
Policies & IssuesNov 14, 2013
Kay, Jared parent company buys polishing plant
Signet Jewelers Ltd. has purchased a diamond polishing facility in Gaborone, Botswana, a not-unexpected move for a company that has been talking about increasing its direct sourcing of rough for some time.
Akron, Ohio--Signet Jewelers Ltd. has purchased a diamond polishing facility in Gaborone, Botswana, a not-unexpected move for a company that has been talking about increasing its direct sourcing of rough for some time.
Signet, parent company of Akron-based Sterling Jewelers Inc., which operates Kay Jewelers and Jared the Galleria of Jewelry, bought a factory in Botswana’s capital city from H&A Cutting Works (Botswana) (Proprietary) Ltd., a subsidiary of Exelco International Ltd.
Antwerp-based Exelco Group is a De Beers sightholder and its core business is hearts-and-arrows-cut diamonds. According to the sightholder directory, the company opened H&A in 2008.
Signet, which is the largest jeweler in the United States and attributes more than 75 percent of its U.S. sales to diamonds and diamond jewelry, joins retailers such as Tiffany & Co. in moving further up the diamond pipeline as supplies of rough are forecasted to decline in the coming years. Tiffany opened its Laurelton Diamonds cutting and polishing facility in Canada in 2003.
“By owning this state-of-the-art facility, Signet can ensure more consistent, cost-effective access to diamonds in the sizes and cuts it needs with less vulnerability to the fluctuations of the overall diamond market,” Signet Vice President of Corporate Affairs David Bouffard said in an email interview with National Jeweler.
This is not the first time Signet has attempted to secure a direct supply of rough.
A few years ago, the company subcontracted a diamond polishing facility in Vishakhapatnam, India but closed it in 2008, with Bouffard citing the volatile and challenging rough market. 2008 also was a tough year economically as it was the beginning of the global financial crisis.
“In that economic environment, when we were shortening and narrowing our focus across all areas of our business, we decided that discontinuing those operations was the appropriate action to take,” Bouffard said.
When asked what made the company certain this attempt would not fail like the last, he cited different geography and changing times.
Botswana is the world’s No. 1 diamond producer in value terms and is becoming more involved in trading and manufacturing, not just mining, especially with De Beers moving its sales operations there. Bouffard called it “the new heart of the diamond world.”
Still challenges remain to operating in the nation, chief among them electricity, cost and labor issues.
Bouffard said the H&A Cutting Works facility is state-of-the-art and that the retailer
has 230 people on the ground in Botswana, supported by experienced expatriate trainers. In addition, the facility is the only one to have a local Batswana production manager, which Signet sees as an advantage.
While Signet is not releasing figures on the yearly capacity of the polishing factory, it will, in the long run, account for only a small portion of the company’s overall diamond sourcing, Bouffard said.
The vast majority of stones procured by Signet is, and will remain, loose polished or is already set in finished jewelry.
While Signet is not releasing figures on the yearly capacity of the polishing factory, it will, in the long run, account for only a small portion of the company’s overall diamond sourcing, Bouffard said.
The vast majority of stones procured by Signet is, and will remain, loose polished or is already set in finished jewelry.
More on Policies & Issues
The Latest
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
