Jewellery giant the Signet Group is tentatively planning to redomicile to Bermuda.

The London-based company stated in its year-end results release yesterday that discussions between directors and major investors had led it to believe that most shareholders would support a recommendation to move.

Signet, which operates nearly 2,000 retail stores in the US and the UK, says the timing of such a move is uncertain because of current economic conditions.

If and when the company redomiciles to the Island, it will also move its primary listing to the New York Stock Exchange.

The suggestion of redomiciling came about as a result of a review carried out by the company's directors to look at the most appropriate domicile and stock market for the company.

"This review has confirmed that there is a clear rationale for the primary listing of the Group to be in the US as a significant and growing majority of its business and assets are in that country," Signet's statement read.

"From consultation with the company's major investors, the board believes that Signet's shareholders would, on balance, support a recommendation from the board regarding a potential redomicile of the company to Bermuda and a move of the primary listing of Signet's shares to the US.

"Accordingly the board continues to take steps that would facilitate such a change.

"However, in light of market conditions, the determination and timing of any such proposal remains uncertain and will continue to be kept under review by the board."

The group's results for the year ended February 2, 2008, show pre-tax profits of $333.5 million and sales of $3.66 billion.

Around three-quarters of Signet's sales were in the US, where the company trades under the Kay Jewelers and Jared brands, as well as some regional brands.

The rest of its retail business is in the UK, through the H.Samuel and Ernest Jones stores.