CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
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
Editors' Picks
Sponsored by
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
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
