Signet acquires Botswana diamond polishing firm

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Retailer seeks efficient, reliable and consistent supply of diamonds.

Signet Jewelers Ltd, the US-based owner of H Samuel and Ernest Jones in the UK, has acquired a diamond polishing company based in Botswana in a bid to further streamline its manufacturing operations.

The business has taken over the factory in Gaborone, Botswana, from H&A Cutting Works of Botswana, a subsidiary of Exelco International Limited.

Signet’s chief executive Mike Barnes said: "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.

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"We are committed to further developing this initiative, as well as, building our relationships with our established vendors of polished diamonds and diamond jewellery, who will continue to account for the majority of our diamond sourcing."

Diamond jewellery is said to account for more than 75% of Signet’s sales in the United States, which in turn is the world’s largest diamond market.

Signet is also seeking to "significantly advance" its rough-diamond sourcing and manufacturing through its wholly owned subsidiary Signet Direct Diamond Sourcing Limited, and says that an important element is the acquisition and operation of the diamond polishing factory in Botswana.
 

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