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Signet Acquires Diamond Polishing Factory in Botswana

Nov 13, 2013 7:23 PM   By Jeff Miller
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RAPAPORT... Signet Jewelers Ltd. acquired a diamond polishing factory in Gaborone, Botswana from H&A Cutting Works (Botswana) (Proprietary) Ltd., a subsidiary of Exelco International Limited. Financial terms of the deal had not been disclosed at press time.  

"Signet's objectives with this initiative are to secure additional, reliable and consistent supplies of diamonds for our customers and achieve further efficiencies in the supply chain," said Mike Barnes, Signet's CEO. "We are committed to further developing this initiative, as well as, building our relationships with our established vendors of polished diamonds and diamond jewelry, who will continue to account for the majority of our diamond sourcing."

Diamonds and diamond jewelry account for more than 75 percent of Signet's sales in the U.S. Signet has been working to significantly advance its rough diamond sourcing and manufacturing through its wholly owned subsidiary Signet Direct Diamond Sourcing Limited, and the company considered this acquisition to be an important element is that goal.

Tags: Botswana, diamond polishing, exelco, Jeff Miller, Signet
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