Signet Jewelers Says Weddings Will Hit a 40-Year High This Year• https://www.bloombergquint.com, Jeannette Neumann
"Weddings are back," Signet Jewelers Ltd. Chief Executive Officer Gina Drosos told analysts during an earnings call Thursday. The company bases its matrimonial outlook on internal research and data on booking at venues. Signet has an estimated 30% of the bridal jewelry market in the U.S.
Drosos said later in an interview that Signet doesn't foresee trouble sourcing diamonds to meet the growing demand, despite the company's ban on buying stones mined in Russia.
"If we don't buy Russian diamonds ourselves and if we require our vendors to also certify that they are not buying new Russian diamonds, we still have sufficient supply for the year and into the holidays," she said.
Last week, Signet told suppliers it will stop buying diamonds and precious metals that originate in Russia, the world's biggest source of gems.
Most of Signet's diamonds by value come from southern Africa, Australia and Canada, Drosos said, adding that she hasn't seen a significant impact on the price of diamonds originating in those countries since Russia's invasion of Ukraine.