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  • #322124

    TVSQ Michelle
    Gazette Editor
    New York

    We never officially followed up on what happened to our once beloved Rocks TV turned Gemporia USA.

    The UK based company launched in the US market back in 2012 (our very first post about them is here) and we were in love! :heart:

    Between 2012 – 2016 they went through so many changes in branding, technology, broadcasting format, etc. that folks on TVSQ lost patience and lost track :cry: That included me… and I was such a big fan that during their first year I ordered practically every other day.

    To wrap this up, I found Gemporia CEO Steve Bennett’s announcement about Gemporia USA’s closure from November 2016 here:

    https://www.facebook.com/permalink.php?story_fbid=1233893110002590&id=132027683522477

    It reads –

    From Steve Bennett CEO:

    Sitting in Florida interviewing Presenters, watching the outcome of Brexit back in June, I had no idea that the result would be the root cause of so many changes in our business. I even felt slightly positive about the outcome and felt it might prove to be a good thing for the country.

    But here we are mid November and we have been forced to make some big changes. Changes that have affected so many of our closest friends, colleagues and customers.

    The main problem we have faced since Brexit is the collapse of the British pound. During 2012 to early 2016 the average value of the pound was 1.65 to the dollar, it has now collapsed to an average of 1.24. All gold, silver, diamonds and gemstones that we purchase are all bought in American dollars. It doesn’t matter whether it is Jaipur in India, Hong Kong, Tucson in Arizona or Thailand, everything in the world of fine jewellery is bought in US dollars.

    This has meant that all of the jewellery we now manufacture has gone up around 20% in cost. We have some tough decisions to make as a consequence. Let me explain a little further. If we were at the top end of the luxury market, where you make a watch for a £1000 and sell it for £10,000, then a movement in currency exchange could be easily absorbed. Like wise in the costume end of the market, with glass and brass; if you make it for £1 and sell it for £10, it’s a little easier to deal with currency fluctuations. But our business is about making quality genuine gemstone jewellery affordable for all. For us there is no huge mark ups and massive profits, the price we sell our jewellery is much closer to the cost price, so when the cost price goes up, if you want to keep the price the same for your customers, you have to cut all operating costs to the absolute minimum.

    As a result we have had to close our USA satellite office and studios, close our Diamond Room and suspend our Live chat facility.

    I would like to thank everyone internally for the professionalism and commitment you have all demonstrated throughout the last few days and to our loyal customers for all of your positive support and emails.

    The loss of our USA studios and team is really painful. We had spent the entire summer recruiting and training staff and building our studios. After an immense amount of effort on everyone’s part we eventually went live at the end of July. What none of us could have predicted was the crash in the British pound and the need to cut costs. Therefore we had to take the unavoidable step and close our USA office and cease TV broadcast in the USA. With sadness and regret we have had to let go our entire team in Florida; a team of individuals who have all become good friends.

    For our friends in the USA, everyone can still watch us online atGemporia.com and through our mobile and tablet apps. We’ll have more details soon on other ways to watch through your TV including our Smart TV, Roku and Amazon apps.

    Moving forward, we are doing everything possible to keep our prices rock bottom and the best value in the world for high quality genuine gemstones . Thanks for taking the time to read. I will struggle to respond over next few days as I am travelling.

    Regards,
    Steve

    #322125

    TVSQ Michelle
    Gazette Editor
    New York

    More info

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