AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
Policies & IssuesNov 14, 2013
Kay, Jared parent company buys polishing plant
Signet Jewelers Ltd. has purchased a diamond polishing facility in Gaborone, Botswana, a not-unexpected move for a company that has been talking about increasing its direct sourcing of rough for some time.
Akron, Ohio--Signet Jewelers Ltd. has purchased a diamond polishing facility in Gaborone, Botswana, a not-unexpected move for a company that has been talking about increasing its direct sourcing of rough for some time.
Signet, parent company of Akron-based Sterling Jewelers Inc., which operates Kay Jewelers and Jared the Galleria of Jewelry, bought a factory in Botswana’s capital city from H&A Cutting Works (Botswana) (Proprietary) Ltd., a subsidiary of Exelco International Ltd.
Antwerp-based Exelco Group is a De Beers sightholder and its core business is hearts-and-arrows-cut diamonds. According to the sightholder directory, the company opened H&A in 2008.
Signet, which is the largest jeweler in the United States and attributes more than 75 percent of its U.S. sales to diamonds and diamond jewelry, joins retailers such as Tiffany & Co. in moving further up the diamond pipeline as supplies of rough are forecasted to decline in the coming years. Tiffany opened its Laurelton Diamonds cutting and polishing facility in Canada in 2003.
“By owning this state-of-the-art facility, Signet can ensure more consistent, cost-effective access to diamonds in the sizes and cuts it needs with less vulnerability to the fluctuations of the overall diamond market,” Signet Vice President of Corporate Affairs David Bouffard said in an email interview with National Jeweler.
This is not the first time Signet has attempted to secure a direct supply of rough.
A few years ago, the company subcontracted a diamond polishing facility in Vishakhapatnam, India but closed it in 2008, with Bouffard citing the volatile and challenging rough market. 2008 also was a tough year economically as it was the beginning of the global financial crisis.
“In that economic environment, when we were shortening and narrowing our focus across all areas of our business, we decided that discontinuing those operations was the appropriate action to take,” Bouffard said.
When asked what made the company certain this attempt would not fail like the last, he cited different geography and changing times.
Botswana is the world’s No. 1 diamond producer in value terms and is becoming more involved in trading and manufacturing, not just mining, especially with De Beers moving its sales operations there. Bouffard called it “the new heart of the diamond world.”
Still challenges remain to operating in the nation, chief among them electricity, cost and labor issues.
Bouffard said the H&A Cutting Works facility is state-of-the-art and that the retailer
Editors' Picks
Sponsored by
has 230 people on the ground in Botswana, supported by experienced expatriate trainers. In addition, the facility is the only one to have a local Batswana production manager, which Signet sees as an advantage.
While Signet is not releasing figures on the yearly capacity of the polishing factory, it will, in the long run, account for only a small portion of the company’s overall diamond sourcing, Bouffard said.
The vast majority of stones procured by Signet is, and will remain, loose polished or is already set in finished jewelry.
While Signet is not releasing figures on the yearly capacity of the polishing factory, it will, in the long run, account for only a small portion of the company’s overall diamond sourcing, Bouffard said.
The vast majority of stones procured by Signet is, and will remain, loose polished or is already set in finished jewelry.
More on Policies & Issues
The Latest
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
Weekly QuizJun 11, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
