![]() ![]() “When I sold the business, it was still making a large profit. “If you had a checklist of things you could do to really screw up a business, they checked them all.”īy the beginning of 2010, Gems TV’s new owners had to take drastic measures to keep the business afloat, closing factories and making staff redundant. They lost sight of the business and the gemstone hobbyists just stopped collecting,” he says. “They thought they were jewellers, but Gems TV was always about creating hobbies for people, helping them to collect beautiful gemstones.”įrom introducing glass jewelry to reducing manufacturing operations and buying from other suppliers – which made products more expensive – the business that Bennett had sold started to fail. What Thaigems got wrong, he says, is that they thought Gems TV was just about the jewelry. ![]() And, because we cut out the middle man, we could make it affordable, rather than our customers needing to have the wealth of a king or queen,” explains Bennett. “It wasn’t about the jewelry, but about selling elements from the earth that are precious. What had made Gems TV different from the competition was that the brand was built on selling genuine gemstones, helping its customers become gemstone hobbyists. ![]()
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