SimplexDiam Inc Loose Diamond Auction
July 5th, 2009 by Simon Salt
SimplexDiam Inc saw successful auctions recently. The company stated it received a 73 percent recovery rate at the auction. They were selling loose diamonds recovered from various closed jewelry retailers working under Fortunoff. The auction was for stones 70 points and smaller, so nothing large was sold. The company went into the auction knowing their chances of recovery were not good, since other retailers saw markedly lower returns, some as low as 35 to 55 percent of the wholesale cost.
The diamonds sold at auction came from closed retailer inventories including Friedman’s Jewelers, Christian Bernard Stores Corp and Whitehall Jewelers. SimplexDiam Inc obtains these diamonds from closeout purchases and acquisitions from individuals and diamond traders.
- Posted in Jewelry
