Sterling Opens Diamond Polishing Facility
October 17, 07
Sterling Jewelers, a UK-based jewelry retailer, officially opened the Signet Sourcing Manufacturing Unit, a dedicated subcontracting unit within the World Diamond Manufacturers (WDM) facility in Vishakhapatnam, India.
Sterling has been operating within this manufacturing unit for almost two years.
While not disclosing the source of its rough, the company said it is examining “further global rough sourcing growth opportunities.” It has been speculated for some time that it is interested in receiving a Sight from De Beers’ Diamond Trading Company (DTC).
The opening ceremony was attended by Sterling Jewelers’ top management, as well as by senior executives from Sterling’s strategic consultant and brokering firm, I. Hennig & Co.
“We are very pleased with the progress being made by our rough diamond sourcing and manufacturing operation,” Mark Light, Sterling Jewelers’ president and CEO, said in a release.
Light added that they are “committed to further growing and investing in diamond manufacturing as well as in our relationship with our suppliers who still account for the majority of our polished diamond sourcing.”