Signet, the world’s largest diamond jewelry retailer, operated 2,833 stores and kiosks as of January 30, 2021.
The company purchases loose polished diamonds in global markets (eg India, Israel) from a variety of sources (eg polishers, traders).
In addition, Signet mounts stones in environments purchased from manufacturers using third-party and internal resources.
By using these approaches, the cost of merchandise is reduced and quality consistency is maintained, allowing the company to offer better value to customers.
Meanwhile, the purchase of loose diamonds enables buyers of this company to gain a detailed understanding of manufacturing cost structures and, in turn, leverage that knowledge to negotiate better prices for the supply of finished products.
Signet continues to take steps to advance its vertical integration, which includes the sourcing and processing of rough diamonds.
His goal with this initiative is to secure additional, reliable and consistent supplies of diamonds for customers around the world, while achieving greater efficiencies in the supply chain.
The company owns a diamond polishing factory in Gaborone, Botswana.
Also the company is a DeBeers viewer and receives contracted rough diamond assignments from DeBeers and Alrosa.
At the same time, the company has established a diamond liaison office in India and a diamond trading office in New York to further support its sourcing initiative.
Rough diamonds are purchased directly from miners and the stones are then scored, cut and polished in Signet’s own polishing facilities.
Any stone deemed unsuitable for Signet’s needs is sold to third parties on the open market.
The North America segment operated 2,381 locations in the United States and 100 locations in Canada as of January 30, 2021.
On the other hand, in the United States, the segment operated mainly in shopping centers and locations outside of shopping centers under the following banners: Kay (Kay Jewelers and Kay Outlet); Zales (Zales Jewelers and Zales Outlet); Jared (Jared The Galleria Of Jewelry and Jared Vault); and JamesAllen.com.
In addition, in the United States, the segment operated kiosks in shopping malls under the motto Piercing Pagoda.
While in Canada, the segment operated primarily under the Peoples (Peoples Jewelers) brand, the International segment operated 352 stores in the United Kingdom, the Republic of Ireland and the Channel Islands as of January 30, 2021.