WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
MajorsAug 08, 2018
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
in Los Angeles in 1956. Within a few years, it grew from a single store into a regional chain spread throughout southern California.
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.
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.
More on Majors
The Latest
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
