Diamonds: A cocktail of optimism, pessimism in the midst of Covid-19 pandemic

Rough & Polished’s Mathew Nyaungwa recently attended a webinar organised by CIBJO Communications to examine consumer demand at the time of the Covid-19 pandemic, importance of data, financial models and lab grown diamonds. The webinar, chaired by Edward...

10 august 2020

How Russkiye Samotsvety is coping with the current downturn

One of the key issues facing most Russian companies today is the need for an objective assessment of the new consumption decline due to the quarantine, as well as making forecasts for a way out of it. According to a RBC-Petersburg’s study made in June...

03 august 2020

Global rough diamond sales down 80-90% in value in Q2 –Zimnisky

The COVID-19 pandemic, which is spreading across the globe, having originated from China’s Wuhan has left diamond traders and buyers at sixes and sevens. Traditional diamond tenders were cancelled around March as governments imposed travel restrictions...

27 july 2020

Indian diamond and polishing industry requires forward integration - Dinesh Navadiya

Dinesh Navadiya is now the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India for the 3rd term. He is also the Director on the Board of the Gem & Jewellery Skill Council of India (GJSCI)...

20 july 2020

GJEPC will focus on demand generation for diamonds and jewellery in the next two years

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

Signet Jewelers reports 2Q fiscal 2020 financial results

10 september 2019

signet_logo_news.pngSignet Jewelers Limited, the world's largest retailer of diamond jewelry, announced its results for the 13 weeks ended August 3, 2019 (“second quarter Fiscal 2020”).
Signet's total sales were $1.36 billion, down 3.9%, in the 13 weeks ended August 3, 2019 on a reported basis and down 3.4% on a constant currency basis.
eCommerce sales were $156.9 million, up 4.4% year over year. eCommerce sales accounted for 11.5% of sales, up from 10.6% of total sales in the prior year quarter.
In Fiscal 2020, the company expects to close approximately 150 stores, with 66 closures in the fiscal year to date and limited new store openings for the full year. The company expects it will have reduced its store base by approximately 13% over the three-year period from Fiscal Years 2018 - 2020.
“As we enter the competitive holiday season, we believe we are positioned to execute our product strategy by launching additional flagship brands, delivering relevant on-trend new merchandise and offering a highly competitive assortment for value-oriented shoppers. We remain focused on delivering our Path to Brilliance transformation designed to drive sustainable growth and create value for our shareholders over the long-term,” said Signet Chief Executive Officer Virginia C. Drosos. 

Alex Shishlo, Editor of the Rough&Polished European Bureau