Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
EditorsSep 17, 2018
Is De Beers’ Lab-Grown Line a Fit for Signet?
Signet CEO Gina Drosos recently indicated the retailer would be open to carrying fashion jewelry set with man-made stones. Will Lightbox be the line for them?
A sampling of jewelry from Lightbox, De Beers’ line of fashion jewelry set with man-made diamonds. There is speculation in the market that Signet Jewelers, owner of Kay, Jared and Zales stores, might be in line to carry the collection.
Signet Jewelers CEO Gina Drosos made an intriguing statement toward the end of the company’s second quarter earnings call last month in response to a question from Needham & Co. analyst Rick Patel.
Patel noted that Signet is carrying an increasing number of pieces of jewelry set with lab-grown sapphires and rubies, and he asked if the retailer had plans to expand into man-made diamonds.
Signet, as has been well documented, has chosen not to carry any lab-grown diamond jewelry up until this point, even as more and more jewelry retailers—Helzberg, Reeds, Robbins Brothers, Borsheims and Amazon among them—have gotten on board with the category.
On the August earnings call, however, the retail CEO suggested that Signet might be open to man-made diamonds as long as they are not set in engagement rings.
I paraphrased Drosos’ words in my story reporting on Signet’s second quarter results. Below is her full statement, as included in the official transcript of the call.
“We have a very ‘customer first’ mindset on [lab-grown diamonds]. And we want to focus on delivering the products and experiences that customers want. So we are very closely monitoring and assessing the demand for this emerging category. What our research shows is that customers prefer natural diamonds for those really important purchases, bridal purchase, special birthday, graduations, those kinds of things. But there could be some growing interest in the fashion jewelry space for synthetic diamonds. So we’ll make sure that Signet is well positioned to participate in that space if the growth and the economics of it are attractive and if customers point us in that direction.”Drosos’ comments shook me out of my early-morning earnings call coma and immediately brought to mind another company’s stance on lab-grown diamonds: De Beers.
As I’m sure you have not forgotten, earlier this
year De Beers announced it would begin selling a line of fashion jewelry set with man-made pink, blue and white diamonds, online direct to consumers at first and then in select stores.
The company’s approach toward the line is to sell man-made stones cheap and market them for special but not-too-special occasions, keeping consumers focused on mined diamonds for their engagement rings and major anniversaries. They are, as one De Beers executive put it a Las Vegas lunch event introducing the line, for “friends, not fiancées.”
So it would seem that Drosos and De Beers have the same stance on where lab-grown diamonds belong on the consumer end of the market. And the two companies are already fairly closely aligned. The jeweler has been a De Beers sightholder since 2014, and it cuts and polishes its diamonds in one of the African countries where De Beers mines.
Signet was the first retailer tapped to participate in Tracr, De Beers’ blockchain program. It also is worth mentioning that Signet has a new concept store opening this fall, a millennial- and tech-focused store that will operate under the James Allen banner (and might be in line for fresh product that’s not carried in any other Signet stores.)
A line like Lightbox would also gel with Drosos’ long-term vision for the retailer, which includes stocking more fashion jewelry that appeals to women who are buying for themselves and, as she noted in her speech at JCK Las Vegas, “put[ting] jewelry at the forefront of our customers’ minds for many more occasions,” meaning birthdays and graduations, not just engagements.
A week after Signet announced its second quarter results and Drosos made her remarks about lab-grown diamonds, Rapaport’s website, Diamonds.net, ran a short news item that stated there is “growing speculation” that Signet might carry Lightbox.
For now, however, both parties are neither denying nor confirming the rumors.
De Beers, which is set to start selling Lightbox online later this month, said it hasn’t selected the retailers that will carry its lab-grown line yet, while Signet gave a classic corporate response when asked about Lightbox: “It’s our policy not to comment on market speculation.”
The company’s approach toward the line is to sell man-made stones cheap and market them for special but not-too-special occasions, keeping consumers focused on mined diamonds for their engagement rings and major anniversaries. They are, as one De Beers executive put it a Las Vegas lunch event introducing the line, for “friends, not fiancées.”
So it would seem that Drosos and De Beers have the same stance on where lab-grown diamonds belong on the consumer end of the market. And the two companies are already fairly closely aligned. The jeweler has been a De Beers sightholder since 2014, and it cuts and polishes its diamonds in one of the African countries where De Beers mines.
Signet was the first retailer tapped to participate in Tracr, De Beers’ blockchain program. It also is worth mentioning that Signet has a new concept store opening this fall, a millennial- and tech-focused store that will operate under the James Allen banner (and might be in line for fresh product that’s not carried in any other Signet stores.)
A line like Lightbox would also gel with Drosos’ long-term vision for the retailer, which includes stocking more fashion jewelry that appeals to women who are buying for themselves and, as she noted in her speech at JCK Las Vegas, “put[ting] jewelry at the forefront of our customers’ minds for many more occasions,” meaning birthdays and graduations, not just engagements.
A week after Signet announced its second quarter results and Drosos made her remarks about lab-grown diamonds, Rapaport’s website, Diamonds.net, ran a short news item that stated there is “growing speculation” that Signet might carry Lightbox.
For now, however, both parties are neither denying nor confirming the rumors.
De Beers, which is set to start selling Lightbox online later this month, said it hasn’t selected the retailers that will carry its lab-grown line yet, while Signet gave a classic corporate response when asked about Lightbox: “It’s our policy not to comment on market speculation.”
More on Editors
The Latest
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
