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.
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
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
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
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.
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.
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.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
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.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
