Signet Increases Lab-Grown Footprint

RAPAPORT... Signet Jewelers has takenfurther steps into the synthetics market, launching lab-grown diamonds at itsKay and Jared brands. The move has commenced witha trial in five Kay stores.In addition, Signet has started selling loose lab-grown diamonds at its upper-mid-market Jared brand. The stones will be available as part of Jared's Chosen program,David Bouffard, Signet's vice president of corporate affairs, confirmed to RapaportNews on Tuesday. Signet started sellinglab-grown diamonds in May through its e-commerce business, James Allen. As partof the offering, the e-tailer allows consumers to design their own engagementring or another piece of jewelry using a synthetic diamond. The jewelerfeatures about 1,800 lab-grown diamonds on the site, ranging from a round,1-carat stone priced at $1,970 to a round, 5.04-carat diamond with a $114,030price tag. Signet CEO Gina Drosos had previously indicated the company's appetite for amove into the lab-grown market. During a conference call with analysts lastyear, she said the company would ensure it was "well positioned to participate in that space" if consumers registeredsufficient interest. Bouffard confirmed Signet was not currently selling synthetic diamonds through its Zales brand. Image: A Kay Jewelers store in Massachusetts. (Shutterstock)