A delegation of US jewellery retail giant Signet Jeweler’s top management led by Signet CEO Ms. Virginia Drosos held a business meeting with the Indian industry at the Bharat Diamond Bourse in Mumbai on 22nd April 2023.
The Signet team included Ms. Jamie Singleton, President, Kay, Zales, Peoples & Chief Marketing Officer, Signet Jewelers; Ms. Joan Hilson, Chief Financial Strategy & Services Officer, Signet Jewelers; Mr. Roie Edelman, Chief Diamond Officer, R2net, Jamesallen.com, bluenile.com; and Mr. Georg Leifheit, Vice President Global Strategic Sourcing, Signet Jewelers.
Ms. Drosos addressed the room full of the compan’s Indian vendors and suppliers in a speech focused on Signet’s outlook for the coming year and the importance of collaboration with their partners in the diamond industry.
As head of the world’s largest diamond jewellery retailer with 4800 stores, Ms. Drosos acknowledged that the pandemic has had an impact on diamond sales, particularly in the engagement space, but noted that the headwinds are coming to an end. She shared that three years ago, lockdowns prevented many consumers from dating and beginning the process towards engagement. However, that trough will end late this fall, and an increase in engagements is expected, particularly in the US, UK, and Canada over the next three years beginning in November and December.
To prepare for this eventuality, Ms. Drosos emphasised the need for strong collaboration between Signet and their partners, focusing on cost savings, efficiency, and innovation in the supply chain. She encouraged exploring new techniques, including sustainable alternatives to create responsible jewellery that appeals to a broad range of consumers.