Gems TV, a jewelry company that sells its products through television channels is closing its doors. The company's motto "cutting out the middlemen" came from its claim that it could consistently undercut jewelry stores and companies. It also claims to have the world's widest variety of gems, including tanzanite, diamonds and garnets.
Where it Began
The company originally began as a falling price auction game called "Snatch It!" However, it was later purchased by Thaigem and relaunched as Gems TV. It has channels in Great Britain and Europe.
Gems TV launched its United States operations in November 2006. It began with its channel exclusively on DirecTV. In 2007, The Jewellery Channel also began broadcasting for Gems TV across the US. It was also available through a few select cable providers and TV affiliates such as Clear Channel in Florida. Gems TV was also able to stream its channel live via its website. By August 30, 2007 the channel became available on Dish Network.
The company's main gem production facilities are in Chanthaburi, Thailand. The company employs 1,100 people worldwide. Many of its staff work in administration, answering phones and working in customer service.
Gems TV US Closes Down
After its three year run, Gems TV USA was announced to close in April 2010. As of April 1, 2010, GemsTV USA announced that all sales are final and will not be taking any returns. Its Reno, Nevada-run station will soon be closed. Its website now says it is holding its "Going Out In Style Sale."
The company's investor relations claims that the US Gems TV was a "cash drain." Despite its US closing, the company said it plans to retain a higher proportionate share of the US jewelry market. It plans to invest in Jewelry Television.
Jason Choo, Chairman of Gems TV was quoted in a press release, "We are putting a stop to the operational cash drain in the US which is clearly a disappointing outcome."
Jewelry Television, founded in 1993, operates primarily in Knoxville, Tennessee. It is a leader in television-sold jewelry, gems and related products. It is broadcast 24 hours a day, 7 days a week to over 80 million households in the US.
On February 1, 2010, the manufacturing operations at the Chanthaburi, Thailand factory was closed down. It had changed its sourcing and manufacturing to outsource its gemstone jewelry. The plan was to reduce operating costs and increase supplies to increase profit margins.
The company also recently posted a press release stating DirecTV, Inc. has filed a temporary injunction against Gems TV USA. It will restrain Gems TV USA from transferring or disposing or paying any other party with less than $25 million. Gems TV USA has said it believes the claims are without merit and will contest the injunction.
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