TV jewellery shop Gems TV sees profits plummet after Brexit vote, US move

Pre-tax profits at Gems TV plunged by 92% in the year to March 2017, reflecting the “disastrous” attempt to open a US-based TV shopping channel in June.

Photo: Gemporia

The fall in the pound had also a “severely detrimental impact on cost of sales”, said the company as it revealed a decline in annual profits from £11.5m to £853,897.

The company decided to close the US broadcast business, titled Gemporia, in October - just five months after its official launch. It now operates online only.

Revenue for the period declined by 34% to £67.2m, compared with turnover of £101.5m a year earlier.

Despite the dire results, the Worcestershire-based jewellery retailer said it emerged stronger by the start of 2017 and it remains confident of “a very successful year”.

Gem TV is available on Sky, Virgin Media, Freesat, Freeview and online.

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