Zale stock prices have dropped from nearly $31 per share in 2008 to just $3.42 per share today. Announcement of the potential investors seems to have helped share prices slightly.

In an effort to recover Zale Corp has also hired turn around firm Peter J. Solomon to find investors.

At Gemvara a customer can choose from one of hundreds of designs, change the metal, and choose from one of 16 gemstones. The jewelry is then made to order and delivered to the customer. Many of the designs come from independent designers who are paid a small commission every time one of their designs is chosen, 5% on average.

The company announced that it raised $5.2m in Series B funding led by Highland Capital Partners and Canaan Partners.  Founder Matt Lauzon says that the company will still support the 50 jewelers who have kiosks installed in their stores, but Gemvara has shifted its focus to its consumer web site.