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Retail Giant Begins Selling Bridal Jewelry

It’s being sold at SamsClub.com.

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Sam’s Club has added bridal pieces to its jewelry offerings.

Its new S Collection rings range in price from $3,000 to $6,000, according to a blog post on the retail giant’s website.

The center stones come with International Gemological Institute appraisals.

The S Collection, available only at SamsClub.com, is the retailer’s in-house collection. It also includes other pieces, including earrings and bracelets.

Most of the bridal rings are available in white, yellow and rose gold options. They’re shipped within five days of being ordered.

The company notes that jewelry, ranging from solitaire rings and wedding bands to gemstones and pearls, is also available at Sam’s Club locations.

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“You can even work with our associates to have a custom engagement ring created to match your style and budget,” the blog post states.

Over the years, INSTORE has won 76 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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Jewelry Wholesaler Files for Bankruptcy

It has millions in outstanding debt.

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Tara Jewels LLC, a wholesaler based in New York, has filed for Chapter 11 bankruptcy protection.

Its parent company, Tara Jewels Holdings, Rapaport News reports.

Each company lists between $10 million and $50 million in outstanding debt.

In its June 21 filing, Tara Jewels states that it has between $500,000 and $1 million in assets. Tara Jewels Holdings states that it has up to $50,000 in assets.

The companies are part of Tara Jewels Ltd., which is based in India.

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Tara Jewels Holdings established its first U.S. diamond and gemstone wholesale jewelry division in 2006 by partnering with M. Fabrikant & Sons Inc. to form Fabrikant-Tara International.

The case was filed in U.S. Bankruptcy Court for the Southern District of New York (Manhattan).

Read more at Rapaport News

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NFL Player Awarded $6.1M in Jewelry Fraud Lawsuit

The jeweler says he’ll appeal.

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Drew Brees, quarterback for the NFL’s New Orleans Saints, has won $6.1 million in damages from a jeweler he claims sold him diamonds at grossly inflated prices.

Drew Brees

In a jury trial in San Diego, Drees said he bought $15 million in diamonds from Vahid Moradi and CJ Charles Jewelers over a four-year period ending in 2016, The Advocate reports. He said he’d become friends with Moradi and trusted him completely.

Brees said he and his wife, Brittany, were then told by an appraiser that they’ve overpaid by about $7 million.

The Breeses alleged fraud and breach of contract, as well as violation of California business law, according to The Advocate.

Moradi and his lawyer, Kevin Rooney, said they plan to appeal the jury’s decision. They said they “passionately disagree” with the verdict.

Moradi said he sold jewelry to the Breeses at a normal retail markup.

Read more at The Advocate

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Online Diamond Seller Files for Bankruptcy

Dozens of individuals and businesses are reportedly owed money.

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Enchanted Diamonds, a Manhattan-based diamond dealer, has filed for bankruptcy, the New York Daily News reports.

The company, which sells its products online, owes $1.8 million, according to the newspaper.

Much of the debt is to customers who claim they paid the company and didn’t receive their gems.

A filing in federal bankruptcy court indicates that the firm owes money to dozens of individuals and business entities across the U.S. and in other regions, including Asia.

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More than 50 customers are “pursuing restitution through a law firm hired by Rare Carat, an online aggregator for jewelers,” according to the Daily News.

Joshua Niamehr, president of Enchanted Gems, did not respond to a request for comment on Friday, according to the newspaper.

Read more at the New York Daily News

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