Russian Boycott Boosting Business, says Signet Boss
April 27, 23
(IDEX Online) - Signet CEO Virginia Drosos says the company's boycott of Russian diamonds will help its growth.
In an interview with GJEPC's Solitaire magazine, she said they were following a consumer-driven desire, rather than a government-driven mandate and not selling Russian diamonds would help them grow faster.
"We've already been working with our partners to create a new way of segregating diamonds," she said.
"I believe that for the industry here, this will ultimately become a competitive advantage because this is just the beginning of what I believe will be a decade-long move of consumers wanting to understand the origin of their diamonds."
Signet, the world's largest retailer of diamond jewelry with over 2,800 outlets, suspended all business interaction with Russian-owned entities in the days after the invasion of Ukraine last February.
Drosos (pictured) said however that any shortfall in natural diamond supply was not going to push lab grown sales.
The average transaction value for a Signet lab grown was higher than a natural diamond, she said, as consumers budgeted for bigger and better quality stones.