CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
SourcingJul 17, 2014
Lab-grown diamond co. Scio brings back last CEO
Scio has reappointed Gerald McGuire as CEO, and the diamond grower said it expects to at least break even within the next nine months, with an eye on the market for gem-quality lab-grown diamonds.
Greenville, S.C.--He was in, he was out and now he’s back in.
Executives at lab-grown diamond company Scio Diamond Technology Corp. confirmed during a conference call held Thursday that Gerald (Jerry) McGuire is back at the helm of the Greenville-based company, now as the permanent CEO and member of the company’s board of directors.
A Form 8-K filed June 16 with the Securities and Exchange Commission named the 52-year-old McGuire, who most recently was an executive at power semiconductor company Fairchild Semiconductor, as interim CEO following the termination of Michael McMahon.
Members of the company’s former board of directors who selected McGuire were ousted June 23 after a group of shareholders calling themselves “Save Scio” campaigned successfully for a leadership change at the unprofitable company. Forced out were Robert Linares, founder of Apollo Diamond, Scio’s predecessor; his son-in-law Edward Adams; and Theodorus Strous.
McGuire was let go as well, only to be re-hired as CEO by the company’s current board of directors on July 11, an SEC filing made Thursday shows.
On Thursday’s brief call, company executives did not answer many specific questions--including two about a joint venture in China--and McGuire said he believes the company can break even with six to nine months.
He said the company’s near-term focus is to produce gem-quality lab-grown diamonds, noting that “We have established some relationships in this market.” He also said they aim to re-establish relationships in the industrial diamond market.
In the long term, the company said it plans to increase the chamber size of its equipment, which will double its production capacity.
Scio, which grows diamonds using the chemical vapor deposition (CVD) process, has not had a shareholder meeting in several years, board Chairman Bernard McPheely acknowledged at the beginning of Thursday’s call.
McPheely said the purpose of the call was to provide shareholders with an update given the recent changes in management, though he noted there were a number of topics that could not be discussed in depth, such as information about the company’s settlement with its just-ousted board members that included agreements to end shareholder lawsuits against the company.
He also said they could not comment on the company’s earnings but are working to finalize a 10-K for the period ended June 30.
More on Sourcing
The Latest
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
