Malani jeweller Nancy jewelers to close over $1 million loss

The owner of a Malani jewelry store that sold out of her collection of diamonds and emeralds for nearly $1.4 million has been forced to shut her store down.

Kay Jewelers located in the 900 block of South Washington Avenue in Los Angeles closed Friday after the owners lost $1,723,099 in sales over a four-year period, according to the Los Angeles County Department of Consumer Affairs.

The sale of jewelry valued at $1 to $10 million has come under scrutiny in recent months after a series of news stories detailing problems with the quality and authenticity of jewelry purchased at the store.

The shop had been closed since Jan. 6, 2016, after owner Nancy Jewelers lost nearly $5 million in sales.

A spokesperson for the shop told ABC News on Friday that the store will be closed for a few weeks while it tries to figure out what went wrong.

The company, which operates out of a warehouse on West L.A. Boulevard, had hoped to reopen in the spring.

It was not immediately clear when that would happen.

The Los Angeles City Attorney’s Office said in a news release that the department is investigating the matter, and that the city is notifying Nancy Jewelry of the possible criminal charges.