Jewelers drop as Amazon applies for 'For Keeps by Amazon' patent
Shares of publicly traded companies in the jewelry space including Tiffany & Co (TIF), Signet Jewelers (SIG), DGSE Companies (DGSE), and Birks Group (BGI) dropped after a report said Amazon (AMZN) applied for a trademark for "For Keeps by Amazon." NEW TRADEMARK: Amazon applied for a patent on September 19 with the U.S. Patent and Trademark Office for "For Keeps by Amazon," Business Insider reported. The filing indicates that the patent would be used for both "precious metals and their alloys and goods in precious metals" the "online retail sales of jewelry," according to the report. Amazon has not responded to BI's request for comment. WHAT'S NOTABLE: Though it is unclear where Amazon may take the filing, it could further solidify its presence in the online jewelry space. Amazon currently sells jewelry on its website, including its "Amazon Collection," which sells jewelry at value prices, and another private label brand would allow it to compete with other jewelry sellers like Tiffany & Co and Signet, which do not sell their entire collections online. PRICE ACTION: At midday, shares of Tiffany & Co fell 1.1%, while Signet dropped 3%, DGSE declined 4.5%, and Birks was lower by 2.3%.