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Signet Increases Lab-Grown Footprint

Oct 23, 2019 10:51 AM   By Rapaport News
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RAPAPORT... Signet Jewelers has taken further steps into the synthetics market, launching lab-grown diamonds at its Kay and Jared brands.

The move has commenced with a trial in five Kay stores. In addition, Signet has started selling loose lab-grown diamonds at its upper-mid-market Jared brand. The stones will be available as part of Jared’s Chosen program, David Bouffard, Signet’s vice president of corporate affairs, confirmed to Rapaport News on Tuesday.

Signet started selling lab-grown diamonds in May through its e-commerce business, James Allen. As part of the offering, the e-tailer allows consumers to design their own engagement ring or another piece of jewelry using a synthetic diamond. The jeweler features about 1,800 lab-grown diamonds on the site, ranging from a round, 1-carat stone priced at $1,970 to a round, 5.04-carat diamond with a $114,030 price tag.

Signet CEO Gina Drosos had previously indicated the company’s appetite for a move into the lab-grown market. During a conference call with analysts last year, she said the company would ensure it was “well positioned to participate in that space” if consumers registered sufficient interest.

Bouffard confirmed Signet was not currently selling synthetic diamonds through its Zales brand.

Image: A Kay Jewelers store in Massachusetts. (Shutterstock)
Tags: Chosen, david bouffard, Gina Drosos, James Allen, Jared, kay, Rapaport News, Signet, Signet Jewelers, zales
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