‘World’s largest’ diamond retailer shines with 2050 net zero target

Signet Jewelers has committed to further develop its circular economy initiatives such as care, repair and custom design with reclaimed gold and repurposed diamonds

Net Hero Podcast

Signet Jewelers, believed to be the world’s largest retailer of diamond jewellery, has unveiled its goal of becoming a net zero emissions company by 2050.

It is part of the company’s latest set of Corporate Sustainability Goals (CSGs), which consists of 44 ambitious targets including tackling climate change, aligned with the UN Agenda 2030 sustainable development goals.

Signet’s operational energy use and carbon footprint cover more than 2,800 retail stores across 50 US states and in six countries, as well as its corporate offices and support centres.

It will, over the next year, set out its emissions targets and implement them in its business strategy.

Signet has committed to further develop its circular economy initiatives such as care, repair and custom design with reclaimed gold and repurposed diamonds.

It has also pledged to use least 50% recycled content for pulp and paper-based packaging and 30% recycled content in plastic-based packaging and intends to purchase corrugated boxes for use in its supply chain that consists of no less than 60% recycled materials.

In addition, the company plans to implement water usage reduction policies in all of the factories and facilities it operates in and have a net positive water impact in water-stressed areas by 2050.

Between 2018 and 2021, Signet reduced its store footprint by more than 20% by implementing energy-saving strategies including introducing LED lighting in stores.

Signet CEO Virginia C. Drosos said: “Our 2030 Corporate Sustainability Goals provide a roadmap for the next decade of our journey as a company. From prioritising our team in creating a rewarding and welcoming culture to protecting human rights throughout our supply chain and innovating in ways such as embracing the circular economy and continually reducing carbon emissions, we’re committed to operating in ways that create positive change for our planet and people.

“We’re the world’s largest diamond retailer and every day we help people create memories that last a lifetime. Our efforts support global cooperation from the private and public sectors to address pressing issues such as climate change, social injustice and more. I couldn’t be prouder to embrace this direction — a True North that our customers, employees and investors want — and be the change we want to see in the world.”