Under the weight of more than $11 million in debt, without access to operating funds, with the loss of its two brand icons, and without even a name to operate under, the former House of Taylor executed a “Peaceful Possession of Collateral” with the lending company that has been financing its survival.

Birks & Mayors said Tuesday that net sales for the fourth quarter increased 16 percent to $64.2 million, year-over-year. Same-store sales increased 2 percent for the period, following a 3 percent increase in the prior year period.

West Hollywood, Calif.—California-based jewelry company House of Taylor Inc. is closing up shop, a filing on Wednesday with the Securities and Exchange Commission (SEC) shows.

New York—The Jewelers Vigilance Committee (JVC) will present seminars on colored-gemstone compliance and rough-diamond requirements for traders at the upcoming JA New York Summer Show.

San Francisco—With rising gas prices and a looming recession, optimism among small-business owners is waning, with more than one-third saying their personal financial situation is getting worse, according to the latest Well Fargo/Gallup Small Business Index survey.

New York—Prices for the three major platinum group metals—platinum, palladium and rhodium—continued to rise in 2007 and into early 2008, according to CPM Group's 2008 Platinum Group Metals Yearbook.

Boston—Hearts On Fire is suing Blue Nile, claiming its use of sponsored Internet search links is diverting customers to the online retailer and that it infringes on the Hearts On Fire trademark and creates unfair competition.

Antwerp, Belgium—The head of the World Federation of Diamond Bourses (WFDB) is calling on its 29 member bourses to avoid trading, directly or indirectly, in diamonds from Venezuela.

New York—A recent lawsuit alleging that the former owners of M. Fabrikant and Sons diverted finances to their affiliates before filing for Chapter 11 bankruptcy protection, has prompted Netherlands-based Royal Asscher Diamond Co. to issue a statement stating it has no ties to the bankrupt company or its still-operating affiliates.

Antwerp, Belgium—The head of the World Federation of Diamond Bourses (WFDB) is calling on its 29 member bourses to avoid trading, directly or indirectly, in diamonds from Venezuela.