The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
Samuels Jewelers Files for Bankruptcy
It is the fourth U.S.-based company impacted by the multibillion-dollar bank fraud scandal that erupted in India earlier this year.
Wilmington, Del.—Samuels Jewelers Inc., the Texas-based jewelry chain controlled by Mehul Choksi, has filed for Chapter 11 bankruptcy.
The filing for the 120-store chain comes in the wake of a $1.8 billion bank fraud allegedly perpetrated by Choksi, who is the owner of Samuels parent company Gitanjali Gems, and his nephew, Nirav Modi, both of whom are wanted by Indian authorities.
According to an affidavit filed in U.S. Bankruptcy Court in Delaware on Tuesday, the bank scandal Choksi is implicated in “amplified the headwinds” already pounding Samuels Jewelers.
The retailer has seen sales slide and profits shrink in recent years due to competition from discount and online retailers.
When news of the scandal broke, Samuels Jewelers lost a major source of its products and funding in Gitanjali (which, according to court papers, has not been in operation since February), and vendors began to pull out, refusing to supply the retailer with merchandise on consignment.
According to court papers, the retailer is looking to sell itself as a going concern, but, in the meantime, plans to close more than 100 stores and has brought in Gordon Brothers Retail Partners and Hilco Merchant Resources to start selling off inventory in order to begin paying off its debts, which total more than $100 million and include millions owed to Wells Fargo N.A. and GB Credit Partners LLC.
The company also owes millions to vendors and service providers.
Court papers show that Samuels Jewelers’ five largest unsecured creditors are: Exclusive Design Direct Inc., a Sterling Heights, Michigan-based collection agency (owed $9.1 million); Taipinyang Trading Ltd., a Hong Kong company (owed $6.1 million); New York-based lab-grown diamond company GoGreen Diamonds Inc. (owed $5.5 million); New York-based Jewel Evolution Inc. ($2.4 million); and Austin, Texas-based jewelry company Voyager Brands Inc. (owed $973,952).
Samuels Jewelers joins A. Jaffe, Firestar Diamond and Fantasy Inc., which were owned by Nirav Modi, in filing for bankruptcy in the wake of the Indian bank scandal.
A. Jaffe has since has been sold as a going concern, and companies have purchased inventory held by both Fantasy and Firestar.
Tuesday’s filing marks the fourth trip through bankruptcy court for the chain that today is known as Samuels Jewelers, employs 690 people and has stores in 23 states operating under five nameplates: Samuels Jewelers, Rogers Jewelers, Andrews Jewelers, Schubach Jewelers and Samuels Diamonds.
David Blum and Gerson Fox founded the specialty jeweler
According to court papers, in the mid-1980s, the chain took advantage of lenient credit standards, increased consumer spending and the rapid expansion of indoor shopping malls to open more stores and acquire Mission Jewelers from Zale Corp. and Samuels Jewelers from Peoples Jewelers.
In the early 1990s, after almost a decade of growth and acquisitions, the company began to experience “financial distress.” It filed for Chapter 11 bankruptcy in February 1992.
It emerged from bankruptcy but was struggling again toward the end of the ‘90s, filing for Chapter 11 for the second time in May 1997.
When it emerged this time, 36 percent of the company was owned by DDJ Capital Management, and its board decided to change the company’s name from Barry’s Jewelers to Samuels Jewelers, its “most successful and, to the consumer, easily recognizable division,” court papers state. They also moved the company headquarters from California to Austin.
The retailer filed Chapter 11 for the third time in August 2003, and Gitanjali Gems bought the retailer shortly thereafter, in December 2006. It later acquired Rogers Ltd. and added Rogers Jewelers and Andrews Jewelers to its stable of U.S. retailers.
Gitanjali merged the two companies in 2010.
The Latest

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.


The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The event is set for May 16-19 in Detroit, Michigan.

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

The organization has also announced this year’s slate of judges.

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker started at Williams Jewelers when she was 18 years old.

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

The winning designs captured the “Radiance” theme.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.