NEW YORK (Bloomberg) — Signet Group, the world's largest jewellery-store owner, has confirmed its plans to redomicile from London to Bermuda.

The company intends to move its main stock listing to New York from London to recognise its rising investor base in the US, where the retailer gets more than 70 percent of sales.

The company will relocate to Bermuda to make the stock eligible for inclusion in US domestic stock indexes, Signet said yesterday in a statement. The proposals follow consultation with major shareholders and have "unanimous approval" from the company's board, the retailer said.

Signet, which owns about 1,400 Kay Jewelers and Jared shops in the US, said in April it was considering moving its listing and base. Almost half the company's stock is now owned by US residents after a "significant increase" in the last year, the retailer said yesterday. The company also owns UK jewellery chains including H Samuel, Ernest Jones and Leslie Davis.

"Having our primary stock listing on the New York Stock Exchange is the natural next step in the evolution of Signet," said chairman Malcolm Williamson.

"The proposal will align the place of primary listing with the group's business activities, which are predominantly based in the US, and where the board expects the majority of its future growth to take place."

Signet stock has weakened by about a third this year, giving it a market value of about £776 million ($1.5 billion).

There is a "potentially larger pool of investors in the US" who are more familiar with the group's business model and have a better understanding of the US economy, Signet said in the statement. The retailer said it plans to adopt a dividend policy that will continue to take into account its store development programme and the economic climate after the move.

Bermuda is a "well-established" location for companies that trade in New York, and will ensure there are no "adverse tax consequences" that could arise in the US, Signet said.

The jewellery retailer last month scaled back plans to refurbish Ernest Jones stores in Britain as it said same-store sales growth in the country wouldn't be maintained.

The new company will be called Signet Jewelers Ltd. The plan must be approved by shareholders, and is expected to be completed on September 11, according to last week's statement.