Signet Jewelers is set to introduce a jewelry-rental initiative at its Zales banner that will allow consumers to borrow and return up to 36 lab-grown diamond pieces for special occasions.
The program, called Zales x Rocksbox, will initially debut in 28 stores, with plans to expand to more locations throughout the summer and fall, Signet said Monday. The retailer — which also owns Kay Jewelers, Jared and online giant James Allen — is considering the option for its other banners, based on the results of the Zales pilot, it noted.
Zales x Rocksbox will offer 36 products, including necklaces, bracelets, earrings and rings, ranging from $1,000 to $10,000. Customers can rent an item for 14 days at 10% of the retail price. If shoppers want to keep an item after the rental period is over, they have the option of buying it, with the rental fee put towards the purchase price, Signet explained.
The jeweler believes the new rental option will open a new customer base for its banners.
“We hope it’ll attract a different segment of consumers as it helps make fine jewelry more accessible to the masses, as well as give our existing clientele an additional reason to visit,” a company spokesperson said.
The technology for the program will be provided by Rocksbox, a jewelry-rental site Signet acquired in April 2021 as a means to reach younger customers. The initiative is not the first co-branding option for the jeweler. In November 2020, it debuted Jared x James Allen, a hybrid that saw products from its online banner, James Allen, being offered in its brick-and-mortar Jared shops.
Image: A collection of lab-grown diamond jewelry available for rental at Zales. (Signet Jewelers)