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Signet Purchases Diamond Polishing Factory

The factory is located in Gaborone, Botswana.

SIGNET ACQUIRES FACTORY: Signet Jewelers Ltd. has acquired a diamond polishing factory in Gaborone, Botswana from H&A Cutting Works (Botswana) (Proprietary) Ltd., a subsidiary of Exelco International Ltd. for an undisclosed amount.

Diamonds and diamond jewelry accounts for more than 75 percent of Signet’s sales in the U.S. Signet’s chief executive officer, Mike Barnes, said the acquisition helps Signet’s objectives to secure additional and reliable supplies of diamonds for its customers, and acquisition of the factory helps with efficiencies in the supply chain.

Signet’s U.S. division operates over 1,400 stores in all 50 states under the name plates Kay Jewelers and Jared The Galleria of Jewelry. In the U.K., Signet operates 500 stores under the names H. Samuel and Ernest Jones.