Signet Increases Lab-Grown Footprint

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)