Diamond trade is roaring back thanks to stuck-at-home shoppers
Employees inspect and analyse rough diamonds at a Virani Gems facility in Surat, Gujarat. Diamond jewellery demand rose to a record $82 billion globally in 2017 after several years of stagnation, according to De Beers
(Photo: Bloomberg)Premium
Thomas Biesheuvel,
Yuliya Fedorinova
Surat diamond workshops are so desperate to boost production that the most-skilled cutters and polishers are being headhunted with offers of 50% pay hikes and perks like free food and housing
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The global diamond trade spent years in the doldrums, only to be crippled by the pandemic just as things started looking up. Now, at last, business is booming again.
Signet expects fourth-quarter sales to beat consensus estimates forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
Signet stock soars, holiday e-commerce sales jump 60% year-over-year
Signet Jewelers Ltd. shares rose 6.2% in Thursday trading after the retailer said holiday season sales are expected to beat the Street. Over the past year, the jewelry company’s stock has nearly doubled, up 95.3%, while the S&P 500 index has gained 16.3%. Chief Executive Virginia Drosos attributes the holiday season results to new digital capabilities that are part of a transformation strategy. E-commerce sales jumped 60.8% during the holiday shopping season, even as brick-and-mortar same-store sales fell 4.1%. According to data provided in a De Beers Group report published in November, 54% of respondents to a survey conducted with wedding company The Knot were thinking about an engagement ring more than the wedding or honeymoon, “supporting jewelers’ hypothesis that engagement ring sales were benefiting from reduced wedding and travel budgets in light of COVID-19 restrictions.” For the fourth quarter, Sign
Signet Jewelers Reports Strong Fiscal 2021 Holiday Season Sales
Broad-based growth reflects increased transformation momentum, banner portfolio differentiation and benefits from new capabilities.
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HAMILTON, Bermuda, Jan. 14, 2021 /PRNewswire/ Signet Jewelers Limited ( Signet ) (NYSE:SIG), the world s largest retailer of diamond jewelry, today announced its preliminary sales for the 9 weeks ended January 2, 2021 ( Holiday Season ). Despite considerable macro hurdles, the Signet team delivered strong holiday performance – an achievement that demonstrates the power of our multi-year Path to Brilliance transformation strategy and the agility, innovation, and determination of our people, said Virginia C. Drosos, Chief Executive Officer. Our results were driven by new digital and fulfillment capabilities, increasingly personalized and insight-based marketing, banner portfolio differentiation, and a strong merchandising stra