Signet Jewelers, the world’s largest diamond jeweller retailer, has announced the acquisition of Diamonds Direct in a $490 million (£360 million) all-cash deal.

Diamonds Direct is an off-mall, destination jeweller in the US with an efficient operating model and demonstrated growth and profitability, Signet revealed, which will be immediately accretive to the new owner post-closing.

“The accretive addition of Diamonds Direct to our portfolio will further drive shareholder value with its distinct bridal-focused shopping experience and add a new entry point as we build lifetime customer relationships and strive to reach our $9 billion revenue goal over time,” said Signet CEO, Virginia C. Drosos. “The Signet team continues to deliver strong business performance as part of our Inspiring Brilliance growth strategy.

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“We are executing on our strategic priorities and investing in our business, while also returning cash to shareholders through our previously announced reinstated dividend and share buy-back program.”

Meanwhile, Itay Berger, president, Diamonds Direct, said: “I am excited about Diamonds Direct joining the Signet family as we share a passion for company culture that prioritizes our team members, our customers and our community.

“We are thrilled to continue to grow our business, leveraging Signet’s strengths and strategic capabilities to bring even more innovation and value to our signature shopping experience.”

Signet plans to acquire Diamonds Direct in a transaction which is currently expected to close in the fourth quarter of fiscal 2022, subject to customary closing conditions and regulatory approval.

Following the acquisition, Diamonds Direct’s current leadership team will remain intact with Berger reporting directly to Drosos.

Signet Jewelers is owner of Ernest Jones and H Samuel in the UK.