The stock rose presumably as fans popped online to look up the design of Swift’s “cushion cut” diamond ring and searched for similar ones to buy.
Signet Jewelers’ stock climbed 0.5% in premarket on Wednesday after a 3% gain in the previous session, as Taylor Swift’s engagement announcement and her “cushion cut” ring sparked investor interest in one of the rare jewelry chains listed on a major stock exchange.
Media reports noted a spike in Signet shares around 1 p.m. ET on Tuesday, around the same time Swift shared her now viral post announcing her engagement to boyfriend Travis Kelce.
While there is no direct connection between Signet and Swift’s ring, its share presumably rose as fans popped online to look up the design and searched for similarly looking diamond rings.
Swift’s actions are well known to spark trends worldwide. Her “Eras” tour was viewed as a boon for hotels and other businesses located near her venues from 2023 to 2024.
Earlier this month, when Swift announced her new album, she admitted to having a special liking for the colour orange. Companies, from United Airlines to Olive Garden, almost immediately began posting orange-hued memes on their social media accounts.
On Stocktwits, the retail sentiment for Signet shifted to ‘bullish’ as of early Wednesday from ‘neutral’ two days ago. Message volume went from ‘neutral’ to ‘extremely high,’ as users digested the stock bump.
Signet shares are up 8.8% year-to-date, giving the company a market capitalization of $3.5 billion.
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