Fortunoff Loose Diamonds Sold At Auction

SimplexDiam Inc. has announced a 73 percent recovery in its auction of small loose diamonds belonging to closed jewelry retailer Fortunoff. The auction of stones 70 points and smaller to the trade took place last month. The result was higher than other recent wholesale auctions in the jewelry industry which have recovered between 35-55 percent of the wholesale cost. SimplexDiam values and purchases diamonds and fine jewelry and has been involved in the bidding for the residual inventories in the cases of Friedman's Jewelers, Whitehall Jewelers and Christian Bernard Stores Corp. The company provide services to small jewelry retailers and pawn shops by valuing and purchasing closeout diamonds and jewelry they acquire from individuals and diamond traders.