Sterling Opens Diamond Manufacturing Unit

By JCK Online Staff -- JCK Online, 10/17/2007 3:15:00 PM

Sterling Jewelers Inc. officially announced the opening of the Signet Sourcing Manufacturing Unit, a dedicated subcontracting unit within the World Diamond Manufacturers facility in Vishakhapatnam, India.

The Akron, Ohio-based company has conducted operational activities within this manufacturing unit for almost two years and the formal opening took place today.

The opening ceremony was attended by Mark Light, Sterling Jewelers Inc. president and chief executive officer, Ed Hrabak, senior vice president General Merchandise Manager, Bruce Carter, director Manufacturing & Administration, Urie Fisch, general manager Rough Diamond Sourcing and Manufacturing, and senior executives from Sterling’s strategic consultant and brokering firm, I. Hennig & Coand, WDM executives.

The opening of the Unit coincides with WDM’s 10 year anniversary. It employs 114 workers.

“We are very pleased with the progress being made by our rough diamond sourcing and manufacturing operation," Light said. "Against a challenging background in the rough diamond arena, we have been successful in achieving our objectives of securing additional, reliable and consistent supplies of diamonds for our customers. We are committed to further growing and investing in diamond manufacturing as well as in our relationship with our suppliers who still account for the majority of our polished diamond sourcing.”

The latest technology and equipment used in the factory, coupled with excellence in execution, allows high control and management around the world from Visak, India to Sterling’s home office and distribution center in Akron, Ohio as well as the recently established Antwerp, Belgium rough diamond liaison office.

Sterling said it is examining further global rough sourcing growth opportunities.

Sterling Jewelers, Inc. is the largest specialty retail jeweler in the U.S with 1,307 stores located in 50 states, including Kay Jewelers and Jared the Galleria of Jewelry brands. It is a wholly owned subsidiary of United Kingdom-based Signet Group plc., the world's largest specialty retail jeweler.

In the Signet Sourcing Manufacturing Unit in Vishakhapatnam, India, Mark Light,
Sterling Jewelers Inc. president and CEO, observes a rough diamond being cut.