The Jewelry Channel, a 24-hour TV shopping channel owned by India-based VGL Group, said that it will end its broadcasting network at midnight July 5, due to its weak financial status. The channel had tried sourcing funds from various sources, but efforts failed. The company presently employs 106 individuals and has been operation for a year. It is situated at Round Rock. The employees were informed through in a meeting on June 5 followed by a letter issued on June 6 citing the reason as inability to find a suitable investor. %% Although broadcasting would end in July, the company would finally close shop in August and the employees would be paid till August 4. The company cited the reason of failure as the economic conditions, and the current disfavor of home shopping. "We currently employ approximately 106 people and we plan to shut the company down permanently and terminate the employment of our entire workforce in sixty (60) days," the letter said. %% The company had begun its Round Rock studio in April 2007, with the mission to increase to a bigger organisation employing 700 individuals in five years. It is aired on Time Warner Cable, DirecTV and Dish Network. VGL Group operates such jewellery channels in Germany and the United Kingdom, besides also delving into manufacture of jewellery and being one of India's largest exporters of colored gemstones. With the initiation of its national broadcast, the channel sold more than $65 million in jewellery and gemstones.