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.
MajorsFeb 22, 2019
Samuels Jewelers to Shutter Stores, Creditors Object
Primary lender Wells Fargo submitted a $16 million credit bid for all the Texas-based retailer’s assets, but some vendors want their consigned goods exempt from the deal.
Wilmington, Del.—Samuels Jewelers, an Austin, Texas-based retailer dating back to 1891, will shutter all its stores by Monday.
The retailer, which filed Chapter 11 in August, had hoped to sell its assets as a going concern, but a credit bid from Wells Fargo, the company’s primary lender, sent dreams of a sale up in smoke.
The $16 million credit bid covers all the company’s assets, including its intellectual property and websites.
As of Jan. 22, the company owed Wells Fargo $51.5 million under its revolving loan obligations, as per court documents.
Samuels Jewelers is not unfamiliar with bankruptcy court, having filed for Chapter 11 twice under its former name Barry’s and again as Samuels Jewelers in 2003.
Indian company Gitanjali Gems Ltd. bought the chain in 2006—later also acquiring Rogers Ltd. and then merging the two companies—and looked to vertically integrate the retailer by supplying the stores with jewelry crafted at its plants in India.
But the company struggled in the face of increasing competition from online and discount retailers, and then was ultimately felled earlier this year when news broke of a $2 billion bank scandal allegedly involving Gitanjali Chairman Mehul Choksi, a scandal that resulted in the chain losing its source of funding and product.
Punjab National Bank, a state-run Indian bank, told Indian authorities on Jan. 29, 2018 that Choksi was part of what the bank called one of the largest bank frauds in Indian history.
Court documents allege that Choksi, his nephew Nirav Modi, a jeweler and diamond merchant in his own right, and Samuels Chief Financial Officer Sunil Varma fraudulently borrowed approximately $2 billion from banks via letters of undertaking and foreign letters of credit.
“The alleged fraud consisted of obtaining bank loans by manufacturing sham transactions to ‘import’ jewelry into India using a web of secretly controlled shell entities,” court documents state.
Choksi and his nephew have denied the charges and reportedly left India before authorities could file charges against them.
An interesting note from the lengthy court documents filed in the Samuels bankruptcy case includes an email from Samuels CEO Farhad Wadia to Sunil Varma on May 10, 2017, entitled “Serious Issues at Samuels” along with 15 attachments describing “egregious issues” at the retailer.
The email detailed a number of concerns, including royalty payments of $5.4 million Wadia thought to be fraudulent from a Middle Eastern “paper company” and information about “circular transactions” that were inflating sales number to
Editors' Picks
Sponsored by
mislead lenders into “giving us an enhanced loan facility.”
He also expressed concern about “consumer fraud on a massive scale” because Independent Gemological Laboratories was not an “independent certification company” and might have been “passing off lab-created diamonds as natural stones,” court papers state. (IGL is a diamond and jewelry grading company owned by Choksi’s British Virgin Island company, as per court documents.)
So, amid all the legal drama, where does that leave vendors?
The court documents’ definition of the inventory purchased by Wells Fargo as part of its $16 million bid leaves no stone unturned.
Under the “purchase of inventory section,” the document lists all finished goods merchandise (new, trade-ins or damaged), all raw materials, all jewelry findings and any merchandise held for repair or cleaning. All shopping bags, boxes, pouches and packers are also included.
Consigned merchandise is also included, but three vendors are asking that their consigned inventory be left out of the sale.
Innovative Pearl, a family-owned, New York-based company, filed a motion on Jan. 18 stating Samuels Jewelers can’t sell inventory it doesn’t own.
The filing states that Samuels Jewelers is in possession of $134,739 worth of Innovative Pearl’s products. While the company said it is willing to work with Samuels, it would not agree to less than consignment price.
New York-based companies GoGreen Diamonds and Unique Designs have since followed suit.
GoGreen, a lab-grown diamond company, alleged that Samuels owes it $5.8 million, including $360,515 from sales of consigned goods and $32,225 of unsold consigned goods.
Unique Designs claims that Samuels owes the company $1.7 million, including $863,212 from sold consigned goods and $821,096 of unsold consigned goods.
The attorneys representing Innovative Pearl, GoGreen Diamonds and Unique Designs declined to comment on the case.
Samuel Jewelers ranked No. 38 in terms of sales among jewelers in North America in National Jeweler’s 2018 “State of the Majors” report and ranked No. 9 in terms of size with 120 stores.
The attorneys representing Samuel Jewelers did not respond to National Jeweler’s request for comment on the latest developments in the case.
He also expressed concern about “consumer fraud on a massive scale” because Independent Gemological Laboratories was not an “independent certification company” and might have been “passing off lab-created diamonds as natural stones,” court papers state. (IGL is a diamond and jewelry grading company owned by Choksi’s British Virgin Island company, as per court documents.)
So, amid all the legal drama, where does that leave vendors?
The court documents’ definition of the inventory purchased by Wells Fargo as part of its $16 million bid leaves no stone unturned.
Under the “purchase of inventory section,” the document lists all finished goods merchandise (new, trade-ins or damaged), all raw materials, all jewelry findings and any merchandise held for repair or cleaning. All shopping bags, boxes, pouches and packers are also included.
Consigned merchandise is also included, but three vendors are asking that their consigned inventory be left out of the sale.
Innovative Pearl, a family-owned, New York-based company, filed a motion on Jan. 18 stating Samuels Jewelers can’t sell inventory it doesn’t own.
The filing states that Samuels Jewelers is in possession of $134,739 worth of Innovative Pearl’s products. While the company said it is willing to work with Samuels, it would not agree to less than consignment price.
New York-based companies GoGreen Diamonds and Unique Designs have since followed suit.
GoGreen, a lab-grown diamond company, alleged that Samuels owes it $5.8 million, including $360,515 from sales of consigned goods and $32,225 of unsold consigned goods.
Unique Designs claims that Samuels owes the company $1.7 million, including $863,212 from sold consigned goods and $821,096 of unsold consigned goods.
The attorneys representing Innovative Pearl, GoGreen Diamonds and Unique Designs declined to comment on the case.
Samuel Jewelers ranked No. 38 in terms of sales among jewelers in North America in National Jeweler’s 2018 “State of the Majors” report and ranked No. 9 in terms of size with 120 stores.
The attorneys representing Samuel Jewelers did not respond to National Jeweler’s request for comment on the latest developments in the case.
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.
