Signet Jewelers Buys Botswana Polishing Factory

Mike Barnes

(IDEX Online News) – Signet Jewelers is the latest company to put a stake in Botswana with the purchase of a diamond polishing factory in Gaborone from H&A Cutting Works, a subsidiary of Exelco International Limited.

"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," said CEO Mike Barnes.

"We are committed to further developing this initiative, as well as building our relationships with our established vendors of polished diamonds and diamond jewelry, who will continue to account for the majority of our diamond sourcing."

The company is aiming to significantly advance its rough-diamond sourcing and manufacturing through its wholly owned subsidiary Signet Direct Diamond Sourcing Limited. The new factory will play an important part in this development.

Diamonds and diamond jewelry account for more than 75 percent of Signet's sales in the United States.