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News

Gems TV Holdings Ltd. Subsidiaries Sold

_{-Lisa Brooks-Pike
July 16, 2010}

The final chapter is being written, and the deals are done.

On July 9, National Jeweler reported that the deal for Gems TV Holdings Ltd. to purchase 32.7 percent of JTV for $60 million in cash, inventory and assets had been finalized. Gems TV Holdings Ltd now owns 10 million shares of JTV and a place on its board, while JTV has acquired proprietary technologies, brand and domain names, custom jewelry designs and ThaiGem.com.

It seems JTV has retained some of Gems TV’s employees and on air presenters, will incorporate the reverse auction format and is preparing for public offering. At this time, thaigem.com still states closure due to inventory reconfiguration, and gemstv.com remains closed with the investor relations section recently removed.

The fates of its other subsidiaries have also been decided.

Gems TV UK is now owned by Steve Bennet of The Colourful Company Group Limited, who also operates Rocks TV(another UK gem channel) while Gems London Co. Ltd (Gems TV Japan, gemstv.co.jp) was sold to Miyuki Co. Ltd. (MCL) for $400,000.00 in cash.

Bonus Checks and Balances Due

The fate of Gems TV USA’s unsecured creditors still hangs in the balance while the top two officers prepare their bonuses. According to Bloomberg, Gems TV (USA) ltd. received court authority last month to adopt a bonus program making the top two officers eligible to share $50,000 if a Chapter 11 plan is confirmed by Aug. 15. If confirmation doesn’t occur before Oct. 15, a separate program gives them 2 percent of asset sale proceeds exceeding $14.5 million.

Gems TV (USA) filed under Chapter 11 on April 5 (case #10-11158) with assets less than $50 million while debt is expected to exceed $100 million. The parent company, Gems TV Holdings Ltd. is listed on the Singapore stock exchange with shares currently selling at .0364 cents each.

JTV Disclosure

-Coming soon

Zimbabwe Diamonds

-Coming soon

Member Spotlight

Christine Huber, GG

_{-Sherman Pike}

The hope of many an artist is that not only will their work be appreciated for its value as art, but that it will endure, passing the test of time. Such hope is found within Christine Huber, the focus of this month’s member spotlight.

In 1997, Christine moved to New York City with her dreams. She enrolled in New York’s Fashion Institute of Technology, and their Jewelry Design program. Her first year at FIT was spent learning the basics: design, sculpting and casting were among her curriculum. Her desire to jump into the industry with both feet led her to her first position, and down the road of experience.

Christine began working in the jewelry business for New York based Alex Sepkus as a bench jeweler. Over two years, Christine worked from the bottom up, describing her duties as, "everything from fetching coffee to polishing platinum for six hours straight". The work wasn’t easy, but left Christine with the feeling that she had paid her dues as an initiate in the trade and when she left, she did so with invaluable experience.

After finishing the Jewelry Design Studio program at FIT, Christine added a Graduate Gemologist degree from GIA’s New York campus. Confident in her new career, Christine signed on with the prestigious and oft awarded Julius Cohen Jeweler, Inc. Christine spent seven years with Julius Cohen, learning from the best and helping to create lasting objet d’art such as a miniature carousel valued at over $200,000. One of the most influential skills Christine acquired while at Julius Cohen was the ability to collaborate with clients in order to create custom pieces of jewelry translated directly from the imagination to the jeweler’s bench.

Years of hard work in the New York jewelry community have given Christine the skills and confidence to open her own company, Christine Huber Design. Christine has worked with clients on custom design projects including engagement rings, and her own Globe Rings, inspired by a friends collection and featured on the runway during NYC Fashion Week 2009. Christine also does freelance design work, and is currently collaborating with the renowned handbag and accessory firm of Etienne Aigner. Above all else for Christine is her goal to design a complete line for boutiques, featuring a fusion of fine and costume jewelry.

When not designing, Christine enjoys spending her time training for marathons, traveling, and has lent her efforts to organizations such as Jewelers That Care and the Jewelry Design Professional’s Network.

The jeweler’s favorite gemstone? Oregon Sunstone

Her favorite cut? The timeless Marquise
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