Signet Jewelers completed the acquisition of Diamonds Direct for $490m.

Signet Jewelers, a retailer of diamond jewelry, completed the acquisition of Diamonds Direct, a direct-to-consumer destination jewelry retailer, for $490m. "Today we officially welcome Diamonds Direct to the Signet team. This immediately accretive acquisition accelerates our growth strategy and gives our customers even more choice across our differentiated banners. Diamonds Direct strategically expands our market in accessible luxury and bridal, provides access to a new customer base and furthers our opportunity to build lifetime customer relationships. Just as we accelerated our digital transformation using learnings from our acquisition of fast-growing digital pure-play James Allen, we believe we can further drive modern consumer experiences learning from Diamonds Direct's differentiated model as they have consistently and profitably grown revenues in highly productive store formats. Our intention is to grow Diamonds Direct while driving operating margin expansion over time through operating synergies in purchasing, targeted marketing, Connected Commerce and jewelry services," Virginia Drosos, Signet CEO.