CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
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
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
