SimplexDiam's liquidation business thriving

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.