Signet Jewelers recently announced the acquisition of a diamond polishing factory from H&A Cutting Works, a subsidiary of Exelco International Ltd., in Gaborone, Botswana.
A release restated the company’s goal to “significantly advance its rough-diamond sourcing and manufacturing” via its Signet Direct Diamond Sourcing Ltd. subsidiary; this acquisition, it explained, is an important component in that quest.
“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,” CEO Mike Barnes said in a statement. “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 make up more than 75 percent of Signet’s sales in the United States.