Gems TV Holdings, the shopping channel which sells gemstone jewellery it designs and manufactures, recorded a net loss after tax of $22.1 million in 9M10, a 47% improvement from the performance in the nine months ended 31 Mar 2010 (9M09). This was achieved primarily through cost cutting measures and through the streamlining of its businesses in the sales territories.

The group recorded total revenue of $128.6 million in 9M10 which was flat from the same period last year. While revenues fell in the UK and Japan due to continued economic and competitive challenges, the US saw an increase in revenue primarily in Q310 when it started to liquidate inventory after having announced the group’s planned exit from the US market on 8 March 2010.

Gems TV announced on 8 March that it was ceasing operations in the US. Its US operations ceased broadcasting on 15th April 2010 and so expects revenue to decline significantly in the coming quarter. Currently its US subsidiary is in Chapter 11 bankruptcy proceedings.

On the same day, the company also announced a proposed Investment in Multi Media Commerce Group, a leading jewellery shopping channel in the US. Negotiations of a definitive agreement are still ongoing and the group will be making the appropriate announcements in due course.