SimplexDiam's liquidation business thriving

Diamonds

Save

E-mail

SimplexDiam's liquidation business thriving

April 13, 2009

Similar Stories | Topics

STORIES

SimplexDiam to auction $1M in Fortunoff diamonds

New York--SimplexDiam Inc. has made more than $15 million in closeout jewelry acquisitions in the past 30 days, the company announced recently.

In what is a sign of the recessionary times, SimplexDiam made the purchases at multiple auctions, including the closeout jewelry auction of the now-bankrupt chain Christian Bernard Stores Corp.

Designers represented in the acquired inventory include Cacharel, Christian Bernard, David Yurman, Feraud, Guy Laroche, Hearts On Fire, John Hardy, Lagos, Mikimoto, Ritani and Tacori. (These designers are not copyrights or trademarks of SimplexDiam and are not affiliated with the company in any way.)

SimplexDiam Chairman and Chief Executive Officer Yogesh Madhvani said the company's unique liquidation style has caught the industry's attention.

"Retailers, wholesalers and banks have noticed that we aren't the typical jewelry liquidator," Madhvani said in a media release. "We are looking for a small margin, and we aim to move product as quickly as possible. This means the seller gets a higher recovery, and the buyer gets a better price. In this recessionary cycle, people flock to companies like ours because the difference in value crystallizes."

SimplexDiam also was the backup bidder for more than $7 million of the closeout jewelry of manufacturer The Colibri Group and worked on the Whitehall Jewelers, Friedman's and LID bankruptcies.

For more information or to request a confidential appointment, call (212) 883-0888 ext. 1004 or e-mail Neel Madhvani, vice president of marketing, at sales@simplexdiam.com.

Save

E-mail

Diamonds

Industry calling for swift action on Zimbabwe

Jewelers of America is calling on the Kimberley Process to fully and quickly implement a work plan to address the serious concerns surrounding Zimbabwe's non-compliance with the Kimberley Process Certification Scheme, the system designed to keep conflict diamonds out of the international trade, and the reported human rights abuses in the Marange diamond fields. Read More

Sotheby's reports record-breaking sales in Geneva

Diamond symposium focuses on 'new normal'

More Diamonds

More Like This

SimplexDiam to auction $1M in Fortunoff diamonds

May 20, 2009 | National Jeweler Network

Video

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.

Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.

ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.

Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.

Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.

CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.