Copper and Signet team up to streamline institutional crypto trading. Signet power bank

The digital asset infrastructure firm’s partnership will make it quicker and easier for asset managers to send currencies between bank accounts.

Digital asset infrastructure provider Copper has unveiled an integration with Signet, the blockchain-based digital payments platform of Signature Bank.

By integrating with the Signet platform, London-based Copper said users such as institutional asset managers can now make payments and transactions in US dollars and other global currencies, via its own platform.

Copper believes that the integration will make it faster and easier for asset managers to send different currencies between bank accounts and trading environments.

Dmitry Tokarev, CEO and founder of Copper, told Decrypt : “The integration will allow institutional investors to pay and settle transactions in US Dollars and other major currencies extremely quickly and with far fewer security and compliance risks.

“Making sure that there are structures available to enable these sorts of transactions is absolutely crucial as crypto moves more into the financial mainstream.”

Streamlining crypto trading

Founded in 2018, Copper Technologies claims to provide “a gateway into the cryptoasset space for institutional investors” by offering a range of custody, trading, prime brokerage and other products for more than 100 digital assets.

According to Copper, its secure suite of tools and services enable digital asset managers to “safely acquire, trade, and store cryptocurrencies” and provides greater “security, speed and control.”

The firm already allows users to transfer digital assets between cold storage and exchange accounts through its Walled Garden infrastructure.

But it said that “with Signet’s ability to rapidly move Fiat currency, funds investing in crypto assets are now in a stronger position than ever before to take advantage of every trading opportunity.”

Copper’s lucrative partnership

Tokarev added that the integration with Signature Bank’s Signet is a “major step forward” in making crypto more accessible.

In recent months Copper has announced initiatives including ClearLoop, which brings instant and secure off-exchange settlements to crypto; and Catalyst, which lets crypto funds create their own bankable certificates. These, Tokarev said, can be “traded by institutions in the same way they may buy or sell equities or other more mainstream instruments.”

Tokarev said the technology underpinning digital assets will form the foundation for the transition to next generation financial services.

He added: “To help enable this transition, we have a number of upcoming initiatives in the pipeline centred around enabling access to this pioneering space for investors from across the financial world.”

Signature Bank’s Signet and Copper’s Walled Garden are already being utilised by a range of leading exchanges, including Bitstamp, Huobi, Kraken, OKCoin and LMAX.

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  • 100% Natural Rubies, Sapphires and Emeralds
  • Ethically Sourced Gemstones
  • Handset Stones
  • Dimensions, gold and carat weight may vary by /- 5% due to the nature of manufacturing processes

Lead Time

Some items, such as custom jewelry, pendants, and exclusive pieces, may require 3-4 week lead/processing times. For questions or concerns about lead times, please contact us at ecom@crmjewelers.com.

Do you ship insured and how am I protected?

CRM Jewelers can ship watches and other luxury goods secured and insured to many countries around the world.

Watches are shipped from our facilities in Miami, Florida, but some jewelry items and accessories may be shipped from a separate hub in a different state or country.

If you’re ordering a luxury watch, Cuban Link chain, or another item that goes through our Miami hub, your country is on our list of insured countries, and the value of your order is less than the maximum insured amount for that particular country, then we can ship it to you insured (click here for a list of insured countries and maximum insurance limits).

If the country is not on the aforementioned list or the value of your purchase exceeds the maximum insured amount, then the shipment would pose too much of a financial risk to you. If that is the case, you are much better off having the watch either shipped to someone you trust who lives in an insured country and can deliver it later to you or picked up by a trusted friend or close relative at our Miami location.

Our shipments are picked up on a daily basis and delivered to FedEx by an armed security company for greater protection.

EXCEPTION : Many of the items in our ACCESSORIES section can be shipped to any country around the world regardless of the value of the order or the stated limit on the insured countries list above (this is different for luxury watches and jewelry). Merch can also be shipped to many countries that luxury watches and Cuban link chains cannot be delivered.

What is the cost of shipping?

The cost of shipping varies and depends on the order item(s), value of the shipment, and the shipping destination.

Do you ship to my country?

To protect our customers, we prefer to ship watches, Cuban link chains, and other luxury goods that are coming from our Miami center secured and insured. Shipments are collected and delivered to FedEx (for both domestic and international shipments) or UPS (only for domestic shipments). Consequently, it is important that international customers make sure of three things when ordering a luxury watch or Cuban link chain from us:

  • That their country is on our list of insured countries (see the list by clicking here);
  • That the maximum insurance coverage (in USD on the list above) exceeds the value of the products they are buying; and
  • That they are familiar with Customs duties and taxes (if any) in their country.

Placing an order from a country for a luxury watch or a Cuban chain with a very low insurance limit is not recommended and would have to be undertaken at the customer’s own risk.

EXCEPTION : Many of the items in our ACCESSORIES section can be shipped to any country around the world regardless of the value of the order or the stated limit on the insured countries list above (this is different for luxury watches and jewelry). Merch can also be shipped to many countries that luxury watches and Cuban link chains cannot be delivered.

CUSTOMS, DUTIES TAXES

Depending on the destination country, your order might incur import duties, taxes, and/or other fees. These additional charges required for customs clearance are your responsibility. Please double check with your customs office what fees (if any) you may incur.

If you’re not satisfied with your purchase 100%, you can return it immediately using the same box to get a full refund (with the exception of special or custom orders). For watches, we offer 1-year warranty on internal mechanisms (wear and tear, customer inflected damage to the watch, or problems due to improper manipulation of the crown or other buttons/pushers while changing settings are not covered).

To be eligible for a return, your item must be in the same condition that you received it, unworn or unused, with tags, and in its original packaging. You’ll also need the receipt or proof of purchase, as well as a Return Authorization (RA) number that you will need to obtain from us prior to your return.

To start a return, you can contact us at ecom@crmjewelers.com. If your return is accepted, we’ll send you a return shipping label, a Return Authorization (RA) number, as well as instructions on how and where to send your package. Items sent back to us without first requesting a return will not be accepted.

You can always contact us for any return question at ecom@crmjewelers.com.

Damages and issues

Please inspect your order upon reception and contact us immediately if the item is defective, damaged or if you receive the wrong item, so that we can evaluate the issue and make it right.

Exceptions / non-returnable items

Certain types of items cannot be returned, like custom jewelry (such as made to order or handmade jewelry, special orders, or personalized items). Please get in touch if you have questions or concerns about your specific item.

Unfortunately, we cannot accept returns on sale items or gift cards.

The fastest way to ensure you get what you want is to return the item you have, and once the return is accepted, make a separate purchase for the new item.

We will notify you once we’ve received and inspected your return, and let you know if the refund was approved or not. If approved, you’ll be automatically refunded on your original payment method. Please remember it can take some time for your bank or credit card company to process and post the refund too.

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The watch brands and trademarks are the property of their respective holders. CRM Jewelers is not and authorized dealer of the watches we sell and has no affiliation with the respective manufacturers. All items are covered by CRM Jeweler’s guarantee, which applies even though some items may not be covered by the manufacturer’s warranty. CRM Jewelers deals in secondhand watches, not watches considered new. Website may not reflect current changes in market for certain watch models, which can impact (increase or decrease) the final price at the time of purchase.

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Terms Conditions

The watch brands and trademarks are the property of their respective holders. CRM Jewelers is not and authorized dealer of the watches we sell and has no affiliation with the respective manufacturers. All items are covered by CRM Jeweler’s guarantee, which applies even though some items may not be covered by the manufacturer’s warranty. Website may not reflect current changes in market for certain watch models, which can impact (increase or decrease) the final price at the time of purchase. OVERVIEW This website is operated by CRM Jewelers. Throughout the site, the terms “we”, “us” and “our” refer to CRM Jewelers. CRM Jewelers offers this website, including all information, tools and services available from this site to you, the user, conditioned upon your acceptance of all terms, conditions, policies and notices stated here. By visiting our site and/ or purchasing something from us, you engage in our “Service” and agree to be bound by the following terms and conditions (“Terms of Service”, “Terms”), including those additional terms and conditions and policies referenced herein and/or available by hyperlink. These Terms of Service apply to all users of the site, including without limitation users who are browsers, vendors, customers, merchants, and/ or contributors of content. Please read these Terms of Service carefully before accessing or using our website. By accessing or using any part of the site, you agree to be bound by these Terms of Service. If you do not agree to all the terms and conditions of this agreement, then you may not access the website or use any services. If these Terms of Service are considered an offer, acceptance is expressly limited to these Terms of Service. Any new features or tools which are added to the current store shall also be subject to the Terms of Service. You can review the most current version of the Terms of Service at any time on this page. We reserve the right to update, change or replace any part of these Terms of Service by posting updates and/or changes to our website. It is your responsibility to check this page periodically for changes. Your continued use of or access to the website following the posting of any changes constitutes acceptance of those changes. Our store is hosted on Shopify Inc. They provide us with the online e-commerce platform that allows us to sell our products and services to you. CRM Jewelers is an independent company and is not and authorized dealer nor does it hold any affiliation with the brands depicted or any of their related group companies in any form unless stated otherwise. OUR GUARANTEE We hereby guarantee all watches sold by CRM Jewelers LLC have been inspected and are 100% authentic. CRM Jewelers warranties all watches for one full year from the date of invoice unless otherwise indicated in the listing or invoice. SECTION 1. ONLINE STORE TERMS By agreeing to these Terms of Service, you represent that you are at least the age of majority in your state or province of residence, or that you are the age of majority in your state or province of residence and you have given us your consent to allow any of your minor dependents to use this site. You may not use our products for any illegal or unauthorized purpose nor may you, in the use of the Service, violate any laws in your jurisdiction (including but not limited to copyright laws). You must not transmit any worms or viruses or any code of a destructive nature. A breach or violation of any of the Terms will result in an immediate termination of your Services. SECTION 2. GENERAL CONDITIONS We reserve the right to refuse service to anyone for any reason at any time. You understand that your content (not including credit card information), may be transferred unencrypted and involve (a) transmissions over various networks; and (b) changes to conform and adapt to technical requirements of connecting networks or devices. Credit card information is always encrypted during transfer over networks. You agree not to reproduce, duplicate, copy, sell, resell or exploit any portion of the Service, use of the Service, or access to the Service or any contact on the website through which the service is provided, without express written permission by us. The headings used in this agreement are included for convenience only and will not limit or otherwise affect these Terms. SECTION 3. ACCURACY, COMPLETENESS AND TIMELINESS OF INFORMATION We are not responsible if information made available on this site is not accurate, complete or current. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is at your own risk. This site may contain certain historical information. Historical information, necessarily, is not current and is provided for your reference only. We reserve the right to modify the contents of this site at any time, but we have no obligation to update any information on our site. You agree that it is your responsibility to monitor changes to our site. SECTION 4. MODIFICATIONS TO THE SERVICE AND for our products are subject to change without notice. We reserve the right at any time to modify or discontinue the Service (or any part or content thereof) without notice at any time. We shall not be liable to you or to any third-party for any modification, price change, suspension or discontinuance of the Service. SECTION 5. PRODUCTS OR SERVICES (if applicable) Certain products or services may be available exclusively online through the website. These products or services may have limited quantities and are subject to return or exchange only according to our Return Policy. We have made every effort to display as accurately as possible the colors and images of our products that appear at the store. We cannot guarantee that your computer monitor’s display of any color will be accurate. We reserve the right, but are not obligated, to limit the sales of our products or Services to any person, geographic region or jurisdiction. We may exercise this right on a case-by-case basis. We reserve the right to limit the quantities of any products or services that we offer. All descriptions of products or product pricing are subject to change at anytime without notice, at the sole discretion of us. We reserve the right to discontinue any product at any time. Any offer for any product or service made on this site is void where prohibited. We do not warrant that the quality of any products, services, information, or other material purchased or obtained by you will meet your expectations, or that any errors in the Service will be corrected. SECTION 6. ACCURACY OF BILLING AND ACCOUNT INFORMATION We reserve the right to refuse any order you place with us. We may, in our sole discretion, limit or cancel quantities purchased per person, per household or per order. These restrictions may include orders placed by or under the same customer account, the same credit card, and/or orders that use the same billing and/or shipping address. In the event that we make a change to or cancel an order, we may attempt to notify you by contacting the e‑mail and/or billing address/phone number provided at the time the order was made. We reserve the right to limit or prohibit orders that, in our sole judgment, appear to be placed by dealers, resellers or distributors. You agree to provide current, complete and accurate purchase and account information for all purchases made at our store. You agree to promptly update your account and other information, including your email address and credit card numbers and expiration dates, so that we can complete your transactions and contact you as needed. For more detail, please review our Returns Policy. SECTION 7. OPTIONAL TOOLS We may provide you with access to third-party tools over which we neither monitor nor have any control nor input. You acknowledge and agree that we provide access to such tools ”as is” and “as available” without any warranties, representations or conditions of any kind and without any endorsement. We shall have no liability whatsoever arising from or relating to your use of optional third-party tools. Any use by you of optional tools offered through the site is entirely at your own risk and discretion and you should ensure that you are familiar with and approve of the terms on which tools are provided by the relevant third-party provider(s). We may also, in the future, offer new services and/or features through the website (including, the release of new tools and resources). Such new features and/or services shall also be subject to these Terms of Service. SECTION 8. THIRD-PARTY LINKS Certain content, products and services available via our Service may include materials from third-parties. Third-party links on this site may direct you to third-party websites that are not affiliated with us. We are not responsible for examining or evaluating the content or accuracy and we do not warrant and will not have any liability or responsibility for any third-party materials or websites, or for any other materials, products, or services of third-parties. We are not liable for any harm or damages related to the purchase or use of goods, services, resources, content, or any other transactions made in connection with any third-party websites. Please review carefully the third-party’s policies and practices and make sure you understand them before you engage in any transaction. Complaints, claims, concerns, or questions regarding third-party products should be directed to the third-party. SECTION 9. USER Комментарии и мнения владельцев, FEEDBACK AND OTHER SUBMISSIONS If, at our request, you send certain specific submissions (for example contest entries) or without a request from us you send creative ideas, suggestions, proposals, plans, or other materials, whether online, by email, by postal mail, or otherwise (collectively, ‘Комментарии и мнения владельцев’), you agree that we may, at any time, without restriction, edit, copy, publish, distribute, translate and otherwise use in any medium any Комментарии и мнения владельцев that you forward to us. We are and shall be under no obligation (1) to maintain any Комментарии и мнения владельцев in confidence; (2) to pay compensation for any Комментарии и мнения владельцев; or (3) to respond to any Комментарии и мнения владельцев. We may, but have no obligation to, monitor, edit or remove content that we determine in our sole discretion are unlawful, offensive, threatening, libelous, defamatory, pornographic, obscene or otherwise objectionable or violates any party’s intellectual property or these Terms of Service. You agree that your Комментарии и мнения владельцев will not violate any right of any third-party, including copyright, trademark, privacy, personality or other personal or proprietary right. You further agree that your Комментарии и мнения владельцев will not contain libelous or otherwise unlawful, abusive or obscene material, or contain any computer virus or other malware that could in any way affect the operation of the Service or any related website. You may not use a false e‑mail address, pretend to be someone other than yourself, or otherwise mislead us or third-parties as to the origin of any Комментарии и мнения владельцев. You are solely responsible for any Комментарии и мнения владельцев you make and their accuracy. We take no responsibility and assume no liability for any Комментарии и мнения владельцев posted by you or any third-party. SECTION 10. PERSONAL INFORMATION Your submission of personal information through the store is governed by our Privacy Policy. To view our Privacy Policy. SECTION 11. ERRORS, INACCURACIES AND OMISSIONS Occasionally there may be information on our site or in the Service that contains typographical errors, inaccuracies or omissions that may relate to product descriptions, pricing, promotions, offers, product shipping charges, transit times and availability. We reserve the right to correct any errors, inaccuracies or omissions, and to change or update information or cancel orders if any information in the Service or on any related website is inaccurate at any time without prior notice (including after you have submitted your order). We undertake no obligation to update, amend or clarify information in the Service or on any related website, including without limitation, pricing information, except as required by law. No specified update or refresh date applied in the Service or on any related website, should be taken to indicate that all information in the Service or on any related website has been modified or updated. SECTION 12. PROHIBITED USES In addition to other prohibitions as set forth in the Terms of Service, you are prohibited from using the site or its content: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet. We reserve the right to terminate your use of the Service or any related website for violating any of the prohibited uses. SECTION 13. DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY We do not guarantee, represent or warrant that your use of our service will be uninterrupted, timely, secure or error-free. We do not warrant that the results that may be obtained from the use of the service will be accurate or reliable. You agree that from time to time we may remove the service for indefinite periods of time or cancel the service at any time, without notice to you. You expressly agree that your use of, or inability to use, the service is at your sole risk. The service and all products and services delivered to you through the service are (except as expressly stated by us) provided ‘as is’ and ‘as available’ for your use, without any representation, warranties or conditions of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title, and non-infringement. In no case shall CRM Jewelers, our directors, officers, employees, affiliates, agents, contractors, interns, suppliers, service providers or licensors be liable for any injury, loss, claim, or any direct, indirect, incidental, punitive, special, or consequential damages of any kind, including, without limitation lost profits, lost revenue, lost savings, loss of data, replacement costs, or any similar damages, whether based in contract, tort (including negligence), strict liability or otherwise, arising from your use of any of the service or any products procured using the service, or for any other claim related in any way to your use of the service or any product, including, but not limited to, any errors or omissions in any content, or any loss or damage of any kind incurred as a result of the use of the service or any content (or product) posted, transmitted, or otherwise made available via the service, even if advised of their possibility. Because some states or jurisdictions do not allow the exclusion or the limitation of liability for consequential or incidental damages, in such states or jurisdictions, our liability shall be limited to the maximum extent permitted by law. SECTION 14. INDEMNIFICATION You agree to indemnify, defend and hold harmless CRM Jewelers and our parent, subsidiaries, affiliates, partners, officers, directors, agents, contractors, licensors, service providers, subcontractors, suppliers, interns and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third-party due to or arising out of your breach of these Terms of Service or the documents they incorporate by reference, or your violation of any law or the rights of a third-party. SECTION 15. SEVERABILITY In the event that any provision of these Terms of Service is determined to be unlawful, void or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from these Terms of Service, such determination shall not affect the validity and enforceability of any other remaining provisions. SECTION 16. TERMINATION The obligations and liabilities of the parties incurred prior to the termination date shall survive the termination of this agreement for all purposes. These Terms of Service are effective unless and until terminated by either you or us. You may terminate these Terms of Service at any time by notifying us that you no longer wish to use our Services, or when you cease using our site. If in our sole judgment you fail, or we suspect that you have failed, to comply with any term or provision of these Terms of Service, we also may terminate this agreement at any time without notice and you will remain liable for all amounts due up to and including the date of termination; and/or accordingly may deny you access to our Services (or any part thereof). SECTION 17. ENTIRE AGREEMENT The failure of us to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of such right or provision. These Terms of Service and any policies or operating rules posted by us on this site or in respect to The Service constitutes the entire agreement and understanding between you and us and govern your use of the Service, superseding any prior or contemporaneous agreements, communications and proposals, whether oral or written, between you and us (including, but not limited to, any prior versions of the Terms of Service). Any ambiguities in the interpretation of these Terms of Service shall not be construed against the drafting party. SECTION 18. GOVERNING LAW These Terms of Service and any separate agreements whereby we provide you Services shall be governed by and construed in accordance with the laws of United States. SECTION 19. CHANGES TO TERMS OF SERVICE You can review the most current version of the Terms of Service at any time at this page. We reserve the right, at our sole discretion, to update, change or replace any part of these Terms of Service by posting updates and changes to our website. It is your responsibility to check our website periodically for changes. Your continued use of or access to our website or the Service following the posting of any changes to these Terms of Service constitutes acceptance of those changes. SECTION 20. CONTACT INFORMATION Questions about the Terms of Service should be sent to us at ecom@crmjewelers.com.

Gina Drosos led the owner of Kay Jewelers and Zales into e-commerce and cleaned up a toxic management culture. Can she tame inflation, too?

Most passersby at the mall don’t realize it, but America’s big, ubiquitous jewelry store chains are designed to serve different needs. Zales, for example, is more focused on fashion and trends and gifts for oneself—the kind of jewelry you might wear to the office, or to a casual party in your neighborhood. If you were looking for something more out of the ordinary, a gift for someone to celebrate a big life event like an anniversary or an engagement, you’d probably be more likely to go to Kay. And if you were going shopping with a substantially bigger budget and dip into quasi-luxury, willing to spend, say, 3,000 or more, you might leave the mall and go to a nearby Jared, which tracks higher-end.

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Most passersby at the mall don’t realize it, but America’s big, ubiquitous jewelry store chains are designed to serve different needs. Zales, for example, is more focused on fashion and trends and gifts for oneself—the kind of jewelry you might wear to the office, or to a casual party in your neighborhood. If you were looking for something more out of the ordinary, a gift for someone to celebrate a big life event like an anniversary or an engagement, you’d probably be more likely to go to Kay. And if you were going shopping with a substantially bigger budget and dip into quasi-luxury, willing to spend, say, 3,000 or more, you might leave the mall and go to a nearby Jared, which tracks higher-end.

Another thing most shoppers don’t realize is that all three of those chains—each a national brand with hundreds of stores—are owned by the same company: Signet Jewelers, a jewelry-retail behemoth headquartered in Ohio and incorporated in Bermuda. It’s a company celebrating a resurgence, thanks in no small part to Gina Drosos, a longtime Signet board member and consumer-goods veteran who became CEO in 2017.

And for the record, the jewelry Drosos is wearing—on a Zoom call with a reporter—is Zales all the way. “I really enjoy the idea of jewelry as a fashion item, and how you stack and layer different pieces,” Drosos says, her voice revealing a slight Southern drawl. She runs her fingers across her set of three gold necklaces and explains that a Zales consultant gave her pointers on how to get the look she wanted—trendy, but still professional.

The Signet empire may not always be trendy, but it has considerably more momentum these days than it did when Drosos, the company’s first female CEO, took the helm. Not so long ago, it was not nearly as clear-cut what purpose each of Signet’s three biggest chains were most suitable for. Indeed, as Signet fell into a rut during the 2010s, its biggest banners cannibalized each other and started to become almost indistinguishable. Drosos recalls a time when any sales event at Zales would mean a corresponding drop in business at Kay, a problem made all the worse given that the chains often operated rival stores within yards of each other at the same tired malls. “We had all of our banners pretty much on top of each other in the middle tier,” says Drosos.

A clearer delineation between Signet’s top three brands, which together generate 77% of company sales, was just one item on the CEO’s long to-do list. Despite being the single largest jeweler in the country, Signet was dealing with a litany of major problems when Drosos took over. Zales, which Signet had acquired in 2014, turned out to be booby-trapped—a debt-laden retailer with too many terrible stores, losing favor with both customers and suppliers. Signet’s balance sheet was being dragged down by its store credit-card business; and it had all but ignored e-commerce. Overlaid on all that was the fallout from massive sexual discrimination and sexual harassment cases that culminated with the departure of Drosos’s predecessor.

So far, Drosos’s plan to reinvent Signet—a strategy shaped by her decades of experience at Procter Gamble, as well as by a stint as CEO of a genetic-testing startup—has registered some big successes. Signet has shed hundreds of weak stores in the Kay and Zales chains and reduced its reliance on discounting. It sold off that credit-card business. And it has finally adapted to the e-commerce era, thanks to deals such as its recent acquisitions of retail site Blue Nile and the rental service Rocksbox. Drosos has also begun to change Signet’s culture—by making sure shell-shocked employees, primarily women, feel heard and included and are willing to buy into management’s vision, and by dramatically overhauling the board.

Signet sales hit 7.8 billion last year—up 22% from Drosos’s first year in the corner office, and up 50% from their pandemic lows—to reach a new record. In mid-December, Signet reported better than expected sales and profits results for its third quarter, bolstering Drosos’s claims of success.

At the same time, there has been no shortage of reminders of Signet’s challenges. Sales have been hit by inflation as customers have pared back on jewelry, a discretionary category if ever there was one. Kay, Zales, and even Jared shoppers are not Tiffany shoppers, let alone Cartier, after all—they’re not the kinds of people likely to spend big on jewelry when times get tight. The mid- and lower tiers of the U.S. jewelry market are under enormous pressure, says Wendy Liebmann, CEO of WSL Strategic Retail: “We have come out of the pandemic and into inflation, where people are saying, ‘Do I really need it?’”

That was the point at which Drosos stepped up. Drosos, a Signet director since 2012, had spent 25 years at PG, rising to head of its beauty business. She had then detoured into biotech startup territory, becoming CEO at Assurex Health, a genetic testing company, and guiding it for four years until it got acquired. There, she says, she deepened her understanding of the power of data in decision-making—a knowledge that would prove pivotal in her new role.

Among the first obvious fixes on her plate was the need to cut stores in the Kay and Zales chains. Drosos ended up closing 1,250 stores across the company while opening 400 in better locations, with much of that change in the two biggest banners. All told, she closed 20% of Signet’s physical locations, which now number 2,500 stores in the U.S.

Drosos also turned to deeper customer research to guide her reforms. One of the things consumers were telling Signet but that management hadn’t really heard was that they were ready to shop online. Jewelry shopping was one of the last ramparts in retail to resist e-commerce, and it was an opportunity Signet had previously seemed to yawn at. (Tiffany was also late to e-commerce; LVMH, which bought Tiffany two years ago, has made turning the luxury jeweler into an e-commerce powerhouse a top priority.)

The new CEO realized that e-commerce wasn’t just about having a site that facilitates transactions, but about enabling people to conduct research before setting foot in stores. In one of her first moves as CEO, Drosos in 2017 bought JamesAllen.com—not because the site was a big business, but because it had tech that would upend the diamond industry. Its technology generates a 360-degree, high-definition image of every stone sold on the site, creating a virtual showroom in which buyers can choose from tens of thousands of diamonds. And that tech can now be used by the websites of Jared and Kay, too. “People can now see a diamond on our website better than they can see it in person, because we can blow it up and show it to them in HD,” boasts Drosos.

Tech has also been helpful in nerdy ways, specifically inventory management. If a ring is sitting unsold in a store in Fort Lauderdale, a salesperson in Minneapolis can access it for a customer. All this has meant a faster turnover of goods, meaning more fresh inventory in stores, and “newness” to draw in customers and protect profit margins.

Making e-commerce a priority turned out to be fortuitous, given the massive threat that would come from the COVID-19 pandemic. By mid-2020, Signet was dealing with the fallout of having stores closed for weeks on end in the spring—after all, Zales, Kay, and Jared were anything but essential retailers. Desperate to make sure revenue didn’t crater, the company sped the adoption of options like virtual selling and curbside pickup to accommodate shoppers wary of being in close quarters with others. Overall sales fell 15% in 2020, but the experience gave Signet some valuable new muscles. In 2017, some 5% of Signet’s sales were online; that rate now stands at 23%.

copper, signet, team, streamline

We had brilliance in the organization that we just needed to unleash.

The James Allen deal also reflected a shift in Signet’s MA strategy. The company had long been focused on buying out brick-and-mortar rivals; now, it’s more focused on deals that build up its e-commerce firepower, or at least win new customers. Central to this effort is Joan Hilson, a Victoria’s Secret alum who worked for Signet in the 1980s and whom Drosos hired in 2018 to be her strategy and finance chief.

One of Drosos and Hilson’s big goals was to fix Signet’s balance sheet, which was highly leveraged, and to bolster profitability by taking costs out of Signet’s operating structure. Since 2017, Signet has lowered its long-term debt by 80% to 147 million; and its operating profit margin was 11.6% last year, more than twice what it was just three years earlier. That stronger cash flow frees Signet to make bets through acquisitions. “It has generated liquidity for us to go out and grow our company,” says Hilson.

copper, signet, team, streamline

Take Blue Nile, which Drosos had been eyeing for years. Blue Nile created a sensation a decade ago as the first big online-only jewelry retailer. But the brand never truly took off, plateauing at 500 million a year in revenue. Signet bought it this September for 360 million, all cash, grabbing an e-commerce site with impressive virtual showrooms and an appealing young customer base. Other recent buys include Rocksbox, a rental company; a small, specialized store chain called Diamonds Direct; and companies that help Signet offer services like maintenance and valuations.

The buying spree has made the Signet conglomerate even more sprawling: The company now has 11 retail banners under its umbrella, up from eight in 2017. That raises anew the question of whether Signet can keep the brands growing without confusing shoppers and competing against itself. “That’s an extraordinary accumulation of brands,” says Liebmann, the retail analyst. “There’s a lot of potential for fragmentation and cannibalizing your own business if you’re not careful.” But for now, the three big chains—Kay, Jared, and Zales—are growing simultaneously again, not least because Drosos’s team had the discipline to close the stores that needed to be closed.

Tackling a toxic culture

Drosos would not have been able to effect this turnaround without changing Signet’s culture. Like many retailers, Signet had long been a company with a mostly female workforce, a mostly female clientele, and mostly male leadership. By the time Drosos became CEO, that lineup had created an untenable situation.

The breaking point came after a devastating Washington Post story in February of 2017 that alleged years of systemic, rampant sexual harassment by male supervisors all the way up the chain of command. The story specifically implicated Mark Light, a Signet lifer who became CEO in 2014. Among other allegations, Light reportedly was seen in a pool with “nude and partially undressed female employees” at a corporate retreat. Light and Signet repeatedly denied the allegations. But Light left in the summer of 2017, citing unspecified health issues, and other implicated managers also departed. And this year, Signet settled a class action suit alleging gender bias in its hiring and compensation practices, shelling out 175 million to 68,000 current and former employees.

The toxic culture went beyond rampant misbehavior: It also took the form of a quasi-autocratic approach to business in which the bosses, disproportionately men, didn’t listen to what people in the field, the predominantly female frontline Signet workers, were seeing. Drosos, says that as a board member from 2012, she had always pushed for Signet to diversify its workforce and culture. When she became CEO, she says, the board told her to accelerate that effort.

Fixing a culture of fear and risk aversion is a tall order. “It was one of the things that made me the most nervous about taking this job,” Drosos says. Among her first moves: Making diversity and inclusion goals part of every leaders’ evaluation and creating a zero-tolerance policy for sexual harassment. “I’m going to create a clean slate. I’m not going to let history be our future,” she recalls thinking. Today, 42% of Signet employees at the vice-president level or higher are women; at the store level, 76% of assistant managers or higher are female. “Representation at that level sets a vision for all employees of what’s possible,” she said.

Another key fix: giving more autonomy and authority to store-level management. When she started as CEO, Drosos made the rounds of stores, sitting in on team meetings and even listening in on customer service calls to get a sense of what truly needed fixing. “What I realized very quickly was that it was quite a top-down culture of command and control,” she says. “We had brilliance in the organization that we just needed to unleash.” Store managers have a lot more say now in what Signet’s chains will carry. That move, combined with the closures of overlapping stores, has helped make individual stores far more productive: The average Signet store now generates 50% more in annual sales than it did pre-pandemic.

That coup reflects Drosos’s own history: She says she benefited from support from responsive higher-ups in her 25 years at Procter Gamble. She counts among her mentors A.G. Lafley, the iconic CEO credited with leading a turnaround at the consumer giant in the early 2000s. It was at PG that Drosos understood the importance of responding quickly to information from the front lines. She put those insights into action, and made her reputation, with her turnaround of famed skin-care brand Olay.

Armed with the in-depth market data for which PG is famed, Drosos saw a big white space in the skin-care market between fancy, pricey department store brands, and low-price drugstore brands. Olay wasn’t selling a single product over 10 at Walmart or CVS. “There was a big gap,” she recalls. So she created a 25 moisturizer that she argued was on par with Crème de la Mer, a luxury beauty product sold at Neiman Marcus for hundreds of dollars a jar. The gambit took off: A brand that had seen 250 million in annual sales when she took it over had reached 2.5 billion a year by the time she was done with it. “It was really all about consumer understanding, and creating disruptions that would form a competitive advantage for us,” says Drosos.

A choppy economy ahead

For all of Signet’s recent success, the economy keeps reminding Drosos and her team how fragile that progress can be. In its most recent quarter, Signet’s comparable sales, or business excluding newly added or removed stores and business units, fell by 7.6%. Much of that drop was just the law of arithmetic after the dramatic sales bounce-back a year ago as the pandemic eased. Nonetheless, Wall Street is expecting very limited sales growth over the next three years, with analysts predicting that annual sales will hover at about 8 billion during that time.

To power through a softening economy, the company will have to keep following Drosos’s playbook of listening closely to what customers want. It has recently taken Jared further upscale with higher price points, and focused Kay more tightly on bridal jewelry and Zales on fashion, and analysts say moves like that could help protect its market share and margins. “Signet deserves credit for pivoting its assortment, services, and marketing to better cater to consumers,” says Neil Saunders, managing director of GlobalData.

Drosos recently got to try out Signet’s bridal-ring services, working with staff at James Allen to design her own engagement ring ahead of her marriage in 2021. The ring had an Italian Art Deco design from the 1930s. “They couldn’t find a diamond that they were proud enough of to put in the ring at first, and so they made me wait,” she recalls. The wait was well worth it, she says: “I’m a bit more of a bold statement maker myself.”

A version of this article appears in the February/March 2023 issue of Fortune with the headline, “The Conversation: Gina Drosos.”

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The real-time payments platform, popular with crypto businesses, will continue to be offered under the newly established Signature Bridge Bank entity, source told CoinDesk.

Signet, a real-time payments platform popular with Signature Bank’s institutional crypto clients, will continue to operate after New York state regulators shuttered Signature Bank on Sunday to “protect depositors,” source told CoinDesk. Signature Bank’s assets were transferred to Signature Bridge Bank – a new interim entity that will be temporarily run by the Federal Deposit Insurance Corporation (FDIC).

Signet was launched on Jan. 1, 2019, as a proprietary blockchain-based digital payments platform. The service was integrated with digital asset custodian Fireblocks in 2020 to facilitate the secure movement, storage and issuance of digital assets.

Silvergate Bank, another crypto-friendly institution, voluntarily liquidated last week. The firm had previously offered its own real-time payments service, Silvergate Exchange Network (SEN).

After Silvergate’s liquidation, SEN went down the drain with it, leaving Signature Bank’s Signet platform as one of the last places to perform 24/7 crypto banking. But Signature’s shutdown on Sunday seemed to shatter those hopes, leaving key industry players scrambling to find alternative service providers, even though source told CoinDesk that Signet is still up and running.

“With all of the deposits and substantially all of the assets of former Signature Bank, the bank will continue to take care of its clients, providing a full suite of loan, deposit, and banking services,” said new Signature Bridge Bank CEO Greg D. Carmichael in a press release. The release did not mention Signet.

Jeremy Allaire, CEO of Circle – a Signature Bank client – said his firm has been unable to use Signet to mint and redeem tokens.

“We will be relying on settlements through BNY Mellon,” Allaire said. “Additionally, we will be bringing on a new transaction banking partner with automated minting and redemption potentially as soon as tomorrow.”

CoinDesk asked the source, a person affiliated with Signature Bridge, about the discrepancy between Allaire’s tweet on Sunday and Signature Bridge’s press release on Monday announcing business as usual.

Fireblocks CEO Michael Shaulov told CoinDesk that Signet “looks like it’s technically working” and that nothing had changed on Fireblocks’ end.

Publicly traded cryptocurrency exchange Coinbase (COIN) also told CoinDesk that it’s business as usual for the firm.

“As shared on. Coinbase continues to operate as usual,” said Natasha LaBranche, senior manager of corporate communications. “We intend for USDC:USD conversions to remain available 24/7/365.”

A Coinbase spokesperson also confirmed that at least from their end, Signet is still functional.

As of Tuesday, Signet continues to function and all past and future customer deposits continue to be FDIC-insured, the spokesperson said. As always, Coinbase maintains multiple banking relationships and we are always working to establish additional contingency to ensure we are prepared for any eventuality.

The help section on the exchange’s website lists four FDIC-insured banking partners – Signature Bank, JPMorgan Chase, Cross River Bank and Pathward (previously known as MetaBank).

“While we have confidence in our bank partners, we do have contingency plans and redundant payment rails to ensure we could continue to serve our clients and provide them access to their cash stored with Coinbase in the event we encountered changes with our bank partners, the Coinbase website states.

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UPDATE: (March 15, 2023 16:51 UTC): Added new comment from Coinbase in the 13th paragraph.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific FOCUS on bitcoin and bitcoin-adjacent networks.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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