We at ABN AMRO support initiatives that create more insight into the value chain, its key players, engages with the right side of the market and excludes areas which show less transparency or no willingness to learn and improve. We see other banks doing the same more and more. In the end there will only be credit lines available for companies with good corporate standards and track record, whether they are small or big doesn't matter ... We expect more consolidation and certain companies going out of business.
JCK Magazine reports that Zales, owned by its giant parent company Signet Jewelers, is set to carry LGBTQ-focused fine jewelry collection Love and Pride, making it the first such line to be carried by a major jewelry retail chain. "The seminal LGBTQ line, which appeared on Showtime’s The L Word and has figured prominently in countless LGBTQ wedding ceremonies, recently debuted at Zales stores across the country, in Canada, and online", writes Emili Vesilind, who interviewed Love and Pride designer Udi Behr.
Kay Jewelers, a unit of Signet Jewelers, is increasing its discounts to revive its sparkle with consumers after its shares lost around 20% of their value in the past month due to allegations that some of its stores were swapping diamonds with fakes and that the company's debt-collection techniques could be problematic for regulatory bodies, CBS News in the United States reported. Signet CEO Mark Light said the company is adding "incremental promotions" to attract customers.
American law firm Federman & Sherwood has started an investigation on behalf of investors of Signet Jewelers Ltd. on whether Signet and certain of its officers and/or directors violated sections of the Securities Exchange Act of 1934.
Forevermark will be promoting its 'Ever Us' two-stone diamond collection in the fourth quarter aimed at driving consumers into jewelry stores during the holiday season. Forevermark executives said at the JCK Show they would focus on emotional, product-specific advertising. The campaign will include a nationally televised commercial featuring the Ever Us two-stone diamond collection, showing the bypass ring as well as other two-stone designs including earrings and pendants. In addition to the commercial, the Ever Us Forevermark ads also will run in digital and social media.
ALROSA President Andrey Zharkov held a series of meetings with a broad range of industry stakeholders and associations during a visit to the JCK Show in Las Vegas this week on increasing diamond sales and implementing joint marketing programs. These included meetings with Signet Jewelers CEO Mark Light and Chow Tai Fook CEO Kent Wong on the possibility of joint marketing events aimed at the promotion of diamond consumption.
Signet Jewelers Ltd. has responded to recent allegations regarding its gem quality by affirming its "rigorous product quality practices." Its stock price dropped by 6.6% on Thursday after reports that an investment newsletter raised questions about Signet's credit portfolio and gem quality. "In addition, we strongly object to recent allegations on social media, republished and grossly amplified, that our team members systematically mishandle customers' jewelry repairs or engage in 'diamond swapping,'" the company said in a statement.
Signet Jewelers Ltd. shares took a hit on Thursday, after the jewelry retailer missed fiscal first-quarter sales expectations and provided a downbeat outlook. For the quarter ended April 30, profits climbed to $146.8 million from $118.8 million in the year-earlier period, and while rose to $1.58 billion from $1.53 billion it missed analysts' expectations of $1.61 billion. Similarly, same-store sales increased by 2.4%, but were below expectations of a 3.6% increase, with its Zale, U.K. Jewelry and Sterling Jewelers divisions all coming in below forecasts.
Signet Jewelers Limited reported that same store sales increased 4.1% in its fiscal 2016 year ended January 30, 2016, while annual total sales of $6.55 billion showed an increase on the year of 14.2%. Fourth quarter same store sales increased by 4.9% the world's largest retailer of diamond jewelry reported in its results for the 2016 fiscal fourth quarter and fiscal 2016 year.
JCK's Rob Bates takes an in-depth look at Signet’s Responsible Sourcing Protocol for Diamonds that aims to provide information on the origin of stones from the diamond industry's "notoriously convoluted supply chain" where parcels are frequently sold from various sources. "The new program was designed with that in mind and will allow companies to break down the origin of their diamonds into several different categories, says Signet consultant John Hall, the Rio Tinto veteran who helped design the protocol. “We recognized that we needed to have a fairly good amount of flexibility,” he says.
Professional Jeweller attended Signet Jewelers has held a roundtable event in London for the U.K. industry to discuss its Responsible Sourcing Protocol for Diamonds (D-SRSP), which aims to provide increased transparency and continuous improvement in the integrity of the global diamond supply. Signet consulted with De Beers and the Responsible Jewellery Council (RJC) in developing the D-SRSP which adheres to both De Beers’ Best Practice Principles (BPPs) and RJC standards, the event was told according to Professional Jeweller.
Signet Jewelers Limited, the world's biggest retailer of diamond jewelry, has seen a sharp rise in its share price today (Monday) after it reported that fiscal fourth quarter same store sales increased 4.9% on the year in the period ending January 30, 2016. That compares with analysts' forecasts of a 4.6% increase. The firm also said its earnings per share will be strongly higher.
Signet's directors have commended a new share repurchase authorization of $750 million and also approved an 18% increase in dividend.
JCK News Director Rob Bates discusses the implications of Jewellery group Signet's announcement that it will start implementing a Responsible Sourcing Protocol for Diamonds, requiring its suppliers to provide diamonds from identified sources, from mine to finger, so to speak. The initiative, which received support from diamond industry organisations such as the World Federation of Diamond Bourses and the Diamond Development Initiative, will be a work in progress, Signet stated, continuously improving.
Signet Jewelers Limited issued a press release on Feb. 16 announcing that it has launched the Signet Responsible Sourcing Protocol for Diamonds (D-SRSP), a protocol that provides increased transparency and further commitment to the continuous improvement in the integrity of the global diamond supply chain. Signet has collaboratively developed and piloted the D-SRSP with input from experts in the diamond industry, civil society and governments.
Signet Jewelers Limited, the world's largest retailer of diamond jewelry, is delisting its common shares from the London Stock Exchange, meaning it can only be traded on the New York Stock Exchange. Signet said it is taking the action because less than 1% of its annual trading volume is executed on the LSE. As a result, the benefit of LSE listing is outweighed by the cost, regulatory burdens, and time spent on LSE-driven activity. Shares will continue to be traded on the LSE until March 11, with cancelation taking effect on March 14.
Signet Jewelers Ltd., the world’s largest retailer of diamond jewelry that is headquartered in Akron, Ohio, said that it has eliminated 80 jobs across its Akron, Dallas area and United Kingdom operations that support its stores, writes The Akron Beacon Journal. “This was a difficult business decision but one we believe we needed to make,” David Bouffard, Signet vice president of corporate affairs, said in a news release.
Signet Jewelers, the world's largest retailer of diamond jewelry, today announced its sales for the eight weeks ended December 26, 2015 (“Holiday Season”) and guidance for the 13 weeks (Q4) ending January 30, 2016. Their Holiday Season fiscal 2016 sales highlights: Total sales were $1,947.8 million, up $93.4 million or 5.0%, compared to $1,854.4 million in the eight weeks ended December 27, 2014. Total sales at constant exchange rate increased 6.3% compared to the prior year.
In an article identifying the major story of 2015, Rapaport's Avi Krawitz says the re-introduction of generic – or category – marketing is the paramount development for the sector. "With the benefit of hindsight, one could say many of the trade’s grueling challenges could have been met more effectively had investment in category marketing continued to be made in the past decade. Instead, the trade found itself vulnerable to a slowdown in China, unsure about selling to millennials, and facing more prudent retail inventory management.
Jared The Galleria Of Jewelry will add Pandora shop-in-shops to 200 of its stores carrying the company’s charms and jewelry at start of next year, JCK reports. The move will increase Pandora’s presence in Jared stores to 150 square feet and enable it to carry more of the company’s jewelry, including earrings and rings. Jared currently sells Pandora products in 239 of its stores, out of a total 268. Jared is part of the Signet Jewelers group which has 3,600 stores across the United States and Britain
Total sales were $1.216 billion, up $38.5 million or 3.3%, compared to $1.178 billion in the 13 weeks ended November 1, 2014. Same store sales also increased 3.3% compared to an increase of 4.2% in the third quarter Fiscal 2015 driven primarily by branded bridal sales across all store banners as well as higher sales overall in the Kay Jewelers brand. The jeweler reported that eCommerce sales in the third quarter were $50.5 million, up $5.7 million or 12.7% compared to $44.8 million in the third quarter Fiscal 2015.
Signet Jewelers, the largest retailer of diamond jewelry in the world with more than 3,000 stores across the United States, has appointed a Chief Strategy Officer to map out further growth for the firm. Uta Werner will be responsible for strategy development and execution and will be focused on the identification of growth opportunities, strategic planning, and mergers and acquisitions. Werner’s other responsibilities include monitoring long-term trends, gathering competitive intelligence, driving cross-business-unit initiatives, and sustaining business model innovation.
Signet Jewelers, the largest jewelry retailer in the United States, says it supports legislative moves to correct what bricks-and-mortar stores describe as unfairness in the tax system by not requiring online retailers to collect sales tax. The US Congress is still discussing the Marketplace Fairness Act. Currently, online sellers such as Amazon and eBay can avoid charging and collecting sales tax in states where they do not have a warehouse or another physical presence.
Jim Cramer, from CNBC's "Mad Money", recommends acquiring stock in Signet, the largest specialty jewelry chain in the U.S., Canada and the U.K, which "most people have never heard of." Cramer asks what caused a "little-known stock like Signet Jewelers to have such an impressive run", to the point where it is "crushing its competition." Firstly, "a big part of Signet's success goes back to its smart acquisition of Zales last year for $1.4 billion." They paid a 41% premium, but "it turns out that Signet got an amazing price, and Cramer thinks this is only the beginning of the potential value
According to Interfax, U.S. jewelry giant Signet Jewelers Ltd., the world's largest retailer of diamond jewelry with over 3,600 stores under various name brands, has closed a long-term contract with Russia's Alrosa, world's top diamond producer by output in carats. Signet Direct Diamond Sourcing Ltd. previously bought uncut diamonds from Alrosa on the spot market, and is already a Rio Tinto Select Diamantaire and a De Beers Sightholder, meaning it sources rough directly from the diamond miners.
Signet Jewelers is to rename its Kay Jewelers unbranded products as “Kay Now & Forever” as part of a wide range of holiday-season initiatives. Other proposals include the launch of 250 new-look Kay store formats that may push its clientele to a higher class of customer, as well as an arrangement with De Beers for two-stone diamond campaign under the “Ever Us” brand, Rapaport reported.
JCK reports Signet and Forevermark are teaming up to promote a new concept for the holidays called Ever Us, a jewelry line where two equal diamonds touch each other, symbolizing the love and friendship couples share. The collaboration between the two retail brands is unique. Signet's US president Charles Stanley: “If you are going to create an iconic global strategy, who better than Forevermark and the [De Beers] team, which have done so many of these great brands in the past." “Signet and Forevermark want to build on each other’s activities.
India's Tara Jewels has signed an exclusive manufacturing and supply agreement with Sterling Jewelers Inc for the designer Brand Angel Sanchez. Sterling is a part of the Signet Group, the largest specialty jeweler in the United States and Britain, which last year acquired Zale Jewelers. A launch order valued at close to $4.5 million has been delivered, Tara Jewels said. The designs are being tested initially in about 60 stores, the jewelry manufacturer reported.
Despite acquiring the Zale chain last year and being by far the largest retail jewelry chain in the United States with more than 3,000 stores, Signet Jewelers is looking at more “interesting avenues” for possible acquisitions, the company’s chief financial officer Michele Santana told a Goldman Sachs investment conference. She told the meeting that a “brand acquisition” was possible and also hinted at overseas opportunities, saying, “We would also look at the English-speaking countries first, before we would start even entertaining [going into] China and other international locations.”
Tiffany & Co. has lowered its earnings expectations for the year after a weak second quarter, citing the strong American dollar as the primary cause. This report follows the earlier announcement by rival Signet Jewelers, which saw its share soar 14% to US$138.44 after better-than-expected Q2 sales.
Signet Jewelers Limited, the largest retailer of diamond jewelry in the world, reported second quarter net income of $62.2 million compared to $58.0 million last year. Signet said its second-quarter profit was unfavorably hit by transaction costs principally due to the $34.2 million legal settlement of the Zale acquisition.
A payment of $34 million has enabled Signet Jewelers to settle a dispute with Zale Corp. shareholders over whether it paid the right price for the company last year. Several shareholders, holding nearly 9 million shares of Zale stock, had asked a court to determine a fair value of Zale. The settlement doesn’t change Signet’s purchase price of $21 a share for Zale, but it pays the shareholders in the case an extra $34.2 million to be allocated among them. The case was set to go to trial later this month. Signet paid a total of $1.4 billion for Zale in February last year.
Signet, which is ramping up its direct sourcing of rough from miners such as De Beers and Rio Tinto, wants to open a polished diamond selling office in New York City. “Signet has traditionally sold its diamond excesses and goods that do not meet our qualities from our Akron [Ohio] office,” says spokesperson David Bouffard. “Because the heart of the U.S. diamond market is also located in New York, we believe an office in the city should greatly facilitate that process.
Five types of customers shop Signet stores, CEO Mark Light said at an investment conference in June. America’s largest jeweler recently commissioned a study of middle-market consumers, part of its effort to differentiate flagship Kay brand from the recently acquired Zale’s. It defined middle-market shoppers as those who purchase items in the $100 to $10,000 range.
Zales Jewelry division is being consolidated into Signet and the retail headquarters in Dallas may be vacated as Signet puts all brands under one corporate umbrella. Signet purchased Zale last year, saying it planned to run the two divisions separately. Before the sale was approved, Zale had 1,100 people working at its Dallas headquarters.
It has been stated repeatedly that the high cost of rough has led to a lack of profitability in the diamond industry. Neil Reiff, President at N.D. Reiff Co., believes that retail pricing is simply too low. He cites a situation where a retailer's client said he could buy the same diamond on offer at 1.7% above wholesale via the Internet. Reiff thinks this is insane: "There is no point and no purpose in selling anything at a profit margin of 1.7% over cost. No matter how efficiently one may run a business. No matter how much one may grow revenues."
Signet Jewelers, the biggest jewelry retailer in the United States, reported fiscal first quarter sales up $474.5 million, or 45%, to $1,530.6 million, mostly due to the addition of the Zale division which added $437.1 million of sales. Same store sales, a critical indicator for the retail sector, rose 3.6%, while ecommerce sales in the first quarter almost doubled, to $76.9 million, which included $28.6 million of Zale ecommerce sales.