It added that if the proposed sale does not take place, it would have to shut down its operations in the UK and liquidate its assets.Īfter leaving Gems TV, Steve Bennett went on to set up Colourful Company Group along with his wife Sarah Bennett, who is head designer, and his brother John Bennett. “The company believes that the overall outlook for the market in the UK in the foreseeable future is poor and will remain highly competitive.” “As of the date of this announcement, Gems UK is in a loss-making position and it is draining cash resources. Gems TV Holdings said in a statement to the Singapore Stock Exchange: “Since the company commenced selling jewellery via reverse auction in the UK, three new competitors now directly compete with Gems UK. Its current owner, Gems TV Holdings, said the firm was a drain on its cash resources, citing tough competition in the UK market, including competition from the Colourful Company Group’s Rocks TV, as one of the reasons to sell.Ī company spokesman declined to say how many people work at Gems TV in the West Midlands. It operates from Redditch, with a parent company listed on the Singapore Stock Exchange. The loss-making Gems TV UK specialises in selling coloured gemstone jewellery via reverse auction over the internet and on TV. Mr Bennett is a well-known entrepreneur in the West Midlands who, with his brother John, founded Vinappris in 2007, the world’s first live wine television shopping channel which broadcast from a custom-built wine bar at Fort Dunlop – now off air. Mr Bennett was one of the original founders of Gems TV, working there as managing director before setting up rival online auction site and jewellery website Coloured Rocks, both of which come under the Colourful Company Group umbrella. The deal still needs shareholder approval to go through. On 18 June 2010, Gems TV Holdings sold Gems TV (UK) Limited (a wholly owned subsidiary) to The Colourful Company Group Limited, which is the company that owns and runs rival channel Rocks TV, Gem Collector and Jewellery Maker.Īs a result of the sale, this has now brought Gems TV (UK) Limited back under the ownership of Steve Bennett, who was one of the original founders of the company back in 2004.Steve Bennett’s Studley-based Colourful Company Group, where he is director alongside his brother and wife, has agreed a £3 million deal to buy Gems TV UK, another West Midland-based home shopping jewellery retailer. The channel utilizes a falling price - or 'reverse' - auction game. The company claims to sell the world's widest variety of gems, including rarities such as Block D Tanzanite. The Gems TV company (now also known by the parent company name of TGGC Limited, or Gemporia) buys cut and polished gems, crafts its products, and then sell them through its various television channels hence the motto, 'utting out the middlemen', and its claim that they can consistently undercut high street prices. Gems TV owns its gem production facilities are in Chanthaburi, Thailand. Gems TV Holdings was listed on the Singapore Stock Exchange in November 2006 and at this time Gems TV employed over 2200 people worldwide dropping to around 1,100 people worldwide by 2010. In June 2005, it was announced that both Thaigem and Eagle Road Studios had merged to form 'Gems TV UK Limited' and as a result, on the 19 July 2005, the ' channel was sold off to Canis Media Group. Both channels ran alongside 'Deal Of The Day' at the same time was replaced with mobile phone shopping channel ''. The 2nd channel was simply known as 'Gems TV'. However, when the 2nd channel officially launched on, Gems TV was rebranded as Gems TV Gold and received a completely new identity and studio. During the closing down process of Snatch It!, the new channel was being named 'Gems TV Silver'. In April 2005, Eagle Road Studios announced that 'Snatch It!' was to close down and was to be replaced with a second jewellery channel, focusing solely on Sterling Silver after a successful trial run on the channel. Eagle Road Studios ran the channel alongside 'Deal Of The Day' and 'Snatch It!'. The partnership came about from Thaigem initially stocking Eagle Road Studios' channel Snatch It! and after the success of the jewellery on the channel, one of Eagle Road's other channels Factory Outlet was replaced with ''. Gems TV began in October 2004, in the UK from the joint venture of Eagle Road Studios and Thaigem.
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