J.K. Symancyk, who took over as CEO of Signet Jewelers following Virginia C. Drosos’ retirement in November, revealed significant growth in lab-created diamond jewellery sales during a conference in Orlando on January 14. According to Symancyk, sales of lab-created diamond jewellery surged by 30%.
“There’s growth and momentum within fashion that we need to better tap into,” Symancyk explained. “Customer demand exists in the sub-$1,000 and sub-$500 gift-giving categories, but how customers shop for these items has changed. There’s an opportunity to emphasize lab-created diamonds more within this space.”
Symancyk further noted that lab-created diamonds are making the precious stones more accessible in areas of fashion where they previously didn’t fit. However, he emphasized that the retailer’s shift towards fashion jewellery does not signal a retreat from traditional diamond engagement rings, which remain a key segment of the business.
Acknowledging that engagement jewellery sales have yet to fully recover from the impact of the COVID-19 pandemic, Symancyk reassured investors and stakeholders. “I don’t want anyone to misinterpret our focus on fashion as a de-prioritization of engagement jewellery. It’s a core part of our business and a strength,” he said.
Signet recently lowered its fourth-quarter financial guidance after experiencing a dip in sales during the holiday season.
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