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Diamonds or Duds? Trading Tiffany & Signet ahead of earnings

It hasn't been a shining year for the jewelers.

Tiffany and Signet -- two of the biggest -- have both fallen double digits over the past 12 months as sales slow and growth concerns mount.

But a rally in the past month suggests that there could be a recovery ahead.

With both Tiffany and Signet reporting quarterly earnings before-the-bell, the "Halftime Report" experts debated if these names are diamonds in the rough.

Trader disclosure: On August 23, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Steve Weiss: Long AAL, AKAM, BAC, CAVM, HZNP, MU, NBIX, OA, SRPT. Puts: SRPT

Jim Lebenthal: Long AAPL, BA, C, CSCO, DCO, DIS, EEQ, GM, INTC, JCP, KMI, KMY, MPC, ORBC, PFE, QCOM, QRVO, SPLS, TIF, TRN, TWX, WGO

Josh Brown: Long AAPL, AMGN, BMY, CORE, DE, DNKN, GE, NVDA, SAM, SHAK, TWTR, XLE

Jon Najarian: LongStock: CSX, XON. Long Calls: AAPL, CHS, DLPH, GLD, GPRO, HFC, HOLX, KATE, LC, LVS, MRO, MSFT, PAAS, SLW, SQ, TASR, TCK, TWTR, WYNN, VLO, XON