Signet Ends Rough Sourcing Initiative

Signet Group has ended the rough sourcing initiative that many once saw as a harbinger of the industry’s vertically integrated future.

To source and manufacture rough diamonds, Signet had opened an office in Antwerp, Belgium, obtained factory space in India, and applied for a Diamond Trading Company sight, which it didn’t get.

Signet is discontinuing the program, says spokesman David Bouffard, because “in the current environment it is better to concentrate on our core business.” He also noted “the current volatility in the rough market.”

He said the initiative was “close to break even,” but still “in its early stages.”