International News
Signet Jewelers Sees Sales Rise as New CEO’s Brand Strategy Shows Early Promise
Signet Jewelers reported a 2% year-over-year increase in revenue to $1.54 billion for the first fiscal quarter ending May 3, signaling early success from a new strategic direction under CEO J.K. Symancyk. Same-store sales — those from locations open at least a year — rose 2.5%, reflecting steady consumer demand. However, net profit dropped 36% to $33.5 million, highlighting ongoing cost and margin pressures.
Symancyk, who took the helm earlier this year, launched a new initiative in March called “Grow Brand Love,” aimed at reinvigorating the company’s most recognized brands — Kay Jewelers, Zales, and Jared — while expanding the retailer’s presence in fashion and everyday jewelry.
“We’re seeing the early benefits of our strategy, with consistent monthly growth in same-store sales throughout the quarter and into May,” Symancyk said. The company also refined its product lineup at strategic price points and continued updating its merchandise assortment, contributing to stronger performance from its core brands.
All three flagship banners — Kay, Zales, and Jared — reported improved same-store sales and margins compared to the previous quarter. The company’s internal restructuring, designed to streamline operations, is now nearly complete.
Boosted by early momentum, Signet raised the lower end of its full-year sales forecast to between $6.57 billion and $6.8 billion, up from the previous range of $6.53 billion to $6.8 billion. Investors responded positively, with shares surging 14% in premarket trading on Tuesday.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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