AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
SourcingDec 01, 2017
Russell Simmons Steps Down from Businesses after Accusations
The music producer, who helped start the Diamond Empowerment Fund, is stepping down after two women came forward with claims that he sexually assaulted them.
New York--The last few weeks have continually brought news of men in positions of power being fired or resigning in the wake of sexual harassment or assault claims, the latest of which have included CBS This Morning host Charlie Rose and popular Today show anchor Matt Lauer.
Now, the news includes a prominent figure who also has a small presence in the jewelry industry.
Russell Simmons, music and TV producer, founder of Def Jam Recordings and co-founder of the Diamond Empowerment Fund, has announced that he is stepping down from his businesses after claims of sexual assault from two women.
A Nov. 19 article published in the Los Angeles Times detailed an incident between the music mogul and model Keri Claussen Khalighi, in which she accused Simmons of sexual assault and harassment in 1991.
Simmons denied the incident in a letter published in The Hollywood Reporter just days later and also posted a statement on his website.
His denial prompted award-winning screenwriter Jenny Lumet (“The Mummy,” “Rachel Getting Married”) to pen a column published in The Hollywood Reporter on Thursday, in which she detailed an encounter with him at the age of 24 and accused him of sexual assault.
Just hours after her column was posted, Simmons released a statement via his Instagram account, announcing that he would step back from his leadership roles at the companies he has founded in order to, as he said, “commit myself to continuing my personal growth, spiritual learning and above all to listening.”
Simmons said in his statement: “I know Jenny and her family and have seen her several times over the years since the evening she described. While her memory of that evening is very different from mine, it is now clear to me that her feelings of fear and intimidation are real.”
He added that, “While I have never been violent, I have been thoughtless and insensitive in some of my relationships over many decades and I sincerely apologize.”
He said those who have been hurt or shamed deserve to be heard. “As the corridors of power inevitably make way for a new generation, I don’t want to be a distraction so I am removing myself from the businesses that I founded.”
HBO and JC Penney have also announced since that they are cutting ties with the producer.
Simmons is best known as the co-founder of Def Jam Recordings, one of
the major hip-hop labels, with Rick Rubin. He eventually bought out Rubin’s share, and then in 1999 he sold his stake in the label for a reported $100 million.
Since then, he’s been producing, writing and guest starring on reality series “Run’s House,” and has founded a number of other companies under his umbrella company Rush Communications Inc., which includes more than 10 businesses and three non-profits.
Simmons co-founded the Diamond Empowerment Fund in 2007, along with leaders in the diamond and jewelry industry, to support initiatives that develop and empower people in diamond communities worldwide.
He also started Simmons Jewelry Co., which produced stainless steel jewelry mostly geared toward men and was sold at a number of large chain stores as well as some independent jewelers. The company no longer appears to be active.
When contacted by National Jeweler via email for a comment on the news or his future involvement with DEF, Executive Director and Vice President Nancy Orem Lyman said only that Russell Simmons has not been a voting member of the DEF board of directors “for many years.”
She also said: “Our organization continues to be run by prominent leaders spanning the industry, all of whom are dedicated to our mission and message. This will not change.”
Since then, he’s been producing, writing and guest starring on reality series “Run’s House,” and has founded a number of other companies under his umbrella company Rush Communications Inc., which includes more than 10 businesses and three non-profits.
Simmons co-founded the Diamond Empowerment Fund in 2007, along with leaders in the diamond and jewelry industry, to support initiatives that develop and empower people in diamond communities worldwide.
He also started Simmons Jewelry Co., which produced stainless steel jewelry mostly geared toward men and was sold at a number of large chain stores as well as some independent jewelers. The company no longer appears to be active.
When contacted by National Jeweler via email for a comment on the news or his future involvement with DEF, Executive Director and Vice President Nancy Orem Lyman said only that Russell Simmons has not been a voting member of the DEF board of directors “for many years.”
She also said: “Our organization continues to be run by prominent leaders spanning the industry, all of whom are dedicated to our mission and message. This will not change.”
More on Sourcing
The Latest
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
