SimplexDiam announced today the purchase of the entire residual inventory from a Midwest bridal wholesaler. The sale included more than 3,000 jewelry pieces at over $7,000,000 retail. SimplexDiam won 100% of all the lots despite bids from various competing liquidators.
The residual inventory auction is well timed for the upcoming bridal season in the United States. Retailers are bracing for a very difficult purchasing environment in ensuing months. Gold has repeatedly crossed (and presently remains) above the 1,400/oz threshold and diamond prices have advanced past pre-recession levels in many categories. It will look increasingly difficult if not impossible to retain last year's price points in many jewelry categories unless retailers make opportunistic purchases.
This purchase combined with the aggressively priced closeout diamonds that SimplexDiam is bringing to the Chicago Smart Show this weekend (April 2nd - 4th, 2011) and the JIS Miami show the following weekend (April 9th - 11th, 2011) will be a great opportunity for its customers. SimplexDiam brought the Christian Bernard liquidation to the Chicago show 2 years ago.