Gems TV sold jewelry on television — the Great Recession ended the show

Gems TV launched its United States operations on November 29, 2006, broadcasting a 24-hour television channel dedicated to selling jewelry — gemstones, diamonds, and precious metal pieces presented live by on-air hosts. The company was part of a global Gems TV network that had already built a successful model in the United Kingdom, and the US launch was expected to replicate that success in the world's largest jewelry market.

But the timing was disastrous. The Great Recession of 2008–2009 crushed consumer spending on discretionary luxury items like jewelry. With fewer viewers buying and a costly satellite broadcast operation to maintain, Gems TV bled money. In February 2010, the company closed its jewelry manufacturing factory in Chanthaburi, Thailand, laying off a large number of workers, and outsourced its supply.

On April 7, 2010, Gems TV filed for Chapter 11 bankruptcy protection. The television broadcast ceased on April 15 — just four months shy of its fourth anniversary. Its website and customer service team remained online until May 6 to handle remaining orders and returns. Meanwhile, DirecTV filed a lawsuit against Gems TV for refusing to pay its satellite broadcasting bills.

The Gems TV brand continued in other markets, including the UK and Australia, but the American experiment — a jewelry channel built for the pre-recession economy — had been switched off for good.