Signet purchases Botswana diamond polishing factory

The world’s largest jewellery retailer, Signet Jewelers, has announced the acquisition of a Botswana-based diamond polishing factory from H&A Cutting Works, a subsidiary of Exelco.

The acquisition is part of the company’s plans to significantly advance its rough-diamond sourcing and manufacturing, and it described the new factory as an “important element” of those plans.

Signet, which operates around 500 UK stores primarily under the H.Samuel and Ernest Jones brands also has 1,400 stores in its US portfolio. The firm publicly traded on the New York Stock Exchange.

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.

“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.”