Americas First Million-Dollar Home Shopping Jewelry Auction Airs March 1st on the Jewelry Channel

AUSTIN, Texas – On March 1, 2008, The Jewelry Channel (TJC) will broadcast the nation’s first $1M home shopping jewelry auction, The Million Dollar Extravaganza. From 9 PM until midnight Central Standard Time, TJC head of merchandising Sayed Haider and Michele Lau will auction on air and at 15 pieces of luxury jewelry, appraised in total at more than $1M, in the network’s drop-auction format.

“The Millionaire Extravaganza showcases TJC’s commitment to high-quality, high-value luxury jewelry,” said Haider. “We are able to offer these pieces at a significant value to our customers because TJC participates in the life of its gems from the day they are mined to the day they ship to the customer.”

The fifteen jewelry pieces for auction during The Million Dollar Extravaganza include a necklace featuring a 10.52-carat emerald pendant surrounded by 5.6 carats of diamonds, a sapphire-and-diamond bracelet with 18.71 carats of sapphires and a gold necklace featuring an 11.66-carat emerald set off by 14.26 carats of round and pearl-shaped diamonds. These items were hand-picked specifically for The Million Dollar Extravaganza and have never been sold before.

“The Million Dollar Extravaganza addresses an important question in home shopping,” comments TJC President Sri Burugapalli. “That is, will consumers buy high-consideration luxury items on air and online? We anticipate that viewers will tune in to this show in high numbers not only to see the jewelry and bid on these items, but also to find out the answer to this question and final sale price for these pieces.”

The Jewelry Channel began broadcasting on April 18, 2007, and offers viewers a new experience in home jewelry shopping. Hundreds of pieces of fine jewelry are auctioned daily. Sales through the channel are in the “price-drop auction format,” which means the price for an item will fall periodically until the entire quantity of the item has been sold or the time limit has been reached. In addition to live programming, the channel also runs short documentaries about jewelry setting and aspects of the jewelry business. The Jewelry Channel reaches more than 33 million viewers via Time Warner Cable Stations, DISH Network Channel 218 and DirecTV Channel 226.