AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
FinancialsAug 25, 2016
Signet Jewelers Records Disappointing Q2
Comps fell 2 percent, due mainly to sales weakness in states where the economy is dependent on the energy industry, the company’s CEO said.
Signet Jewelers saw same-store sales drop 2 percent in the second quarter but the company’s CEO said he was “not sure” how much the allegations of systematic, widespread “stone swapping” at Kay Jewelers stores played into the decline.
Akron, Ohio--Sales surprisingly fell short for Signet Jewelers Ltd. in the second quarter, due principally to weakness in states where the economy is tied to the energy industry, its CEO said Thursday.
Signet’s same-store sales fell 2 percent year-over-year in the quarter ended July 30. Total sales reached $1.37 billion, down 3 percent (1 percent at constant exchange rates) from $1.41 billion a year ago.
It was the company’s first quarterly decline in same-store sales since the third quarter 2009 and caught analysts by surprise.
Net income for the company, which operates Kay Jewelers, Jared the Galleria of Jewelry, Zales and Piercing Pagoda, increased from $62.2 million to $81.9 million.
On the company’s earnings call Thursday morning, CEO Mark Light called the results “disappointing” and attributed the dip to sales weakness in states such as Texas, Louisiana and Oklahoma and, in Canada, Alberta, as well as “fundamental issues” in merchandising and advertising that persist at Jared.
He also mentioned the “unique” presidential election, which is impacting the mindset of the middle America consumer. “Once we get through the elections, hopefully we’ll see some stability and we’ll recover like we have … in the past years,” he said.
When asked if the company’s “reputational issues” that arose in the second quarter--the allegations of systematic diamond “swapping” at Kay Jewelers’ stores--impacted sales, Light said he was not sure.
But, he noted, surveys show that the Kay brand is still very well perceived among consumers and the Kay chain actually outperformed the rest of Signet’s stores.
Same-stores sales at Kay in the second quarter slipped 0.5 percent, compared with an 8 percent decline at Jared and a 2 percent drop in the company’s Zale division, which includes Zales stores in the United States and Canada as well as Piercing Pagoda.
Signet’s top performer was Piercing Pagoda, which recorded a 6 percent increase in same-store sales.
Product-wise, Ever Us continues to be a strong seller for the company, and Light said they are testing line extensions ahead of the holiday season.
The company also will be expanding its popular Vera Wang Love bridal line into fashion jewelry in nearly all Zales stores and is rolling out the Chosen Diamond program to all Jared stores. The Chosen Diamond is not unlike De Beers’ Forevermark brand in that the marketing pitch is that the diamond’s journey from mine to market is traceable.
Also on Thursday, Signet announced that private equity firm Leonard Green &
Partners is investing $625 million in the company in the form of convertible preferred shares, a move Signet made to support its stock, which has slid this year.
Signet will use the money to buy back shares and, as part of the deal, will add Leonard Green’s Jonathan Sokoloff to its board when the transaction closes, which is expected to occur in the third quarter.
The company also is in the process of reviewing its much-maligned credit portfolio.
Signet Jewelers has cut its outlook for the year, now forecasting a 1 to 2 percent decrease in same-store sales.
Signet will use the money to buy back shares and, as part of the deal, will add Leonard Green’s Jonathan Sokoloff to its board when the transaction closes, which is expected to occur in the third quarter.
The company also is in the process of reviewing its much-maligned credit portfolio.
Signet Jewelers has cut its outlook for the year, now forecasting a 1 to 2 percent decrease in same-store sales.
More on Financials
The Latest
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
Weekly QuizDec 11, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsDec 11, 2025
Look Inside Day’s Jewelers’ Ninth StoreThe 111-year-old retailer celebrated the opening of its new location in Salem, New Hampshire, which is its third store in the state.
MajorsDec 11, 2025
Americas Gold Releases New Gold Chain CatalogThe new catalog features its most popular chains as well as new styles.
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
