Signet acquires Exelco Diamond Polishing factory in Botswana

Mr. Mike Barnes

Mr. Mike Barnes

Signet Jewelers Ltd, the largest specialty retail jeweler in the US and UK, has acquired a diamond polishing factory in Gaborone, Botswana from H&A Cutting Works (Botswana) (Proprietary) Ltd., a subsidiary of Exelco International Limited.

Mike Barnes, Signet Chief Executive Officer said the company’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

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

Diamonds and diamond jewelry account for more than 75% of Signet’s sales in the United States, the world’s largest diamond market. Signet is one of the most successful creators and promoters of diamond brands in the US and UK markets.

As previously announced, Signet seeks to significantly advance its rough-diamond sourcing and manufacturing through its wholly owned subsidiary Signet Direct Diamond Sourcing Limited and an important element is the acquisition and operation of this diamond polishing factory in Botswana.

Signet Jewelers is the largest specialty jewelry retailer in the US and UK. Signet’s US division operates over 1,400 stores in all 50 states primarily under the name brands of Kay Jewelers and Jared The Galleria Of Jewelry.

Signet’s UK division operates approximately 500 stores primarily under the name brands of H.Samuel and Ernest Jones. Further information of Signet is available at www.signetjewelers.com. See also www.kay.com, www.jared.com, www.hsamuel.co.uk and www.ernestjones.co.uk.

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