EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
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
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
AuctionsMar 09, 2026
Joanna Carson’s Jewels Lead White-Glove SaleThe top jewelry lot of the late model’s estate sale, hosted by John Moran Auctioneers, was an Oscar Heyman & Brothers for Cartier necklace.
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
