whitehall

Fortunoff's Remaining Inventory To Be Auctioned Off

Filed under: Jewelry

Where does the jewelry from liquidated stores like Whitehall Jewelers and Friedman's end up? What doesn't sell in close-out sales may end up at SimplexDiam a company which was once a manufacturer but has now switched its business plan to buying up the assets of stores. The Wall Street Journal reports that SimplexDiam has bought millions of dollars in leftover inventory from defunct chains and then sells it online and at auction to other retailers. It has been chosen to run an auction of more than $1 million worth of inventory leftover from Fortunoff's bankruptcy liquidation.

Neel Madhvani of SimplexDiam wrote an interesting post on his blog last month where he proposes a strategy for retailers selling to clients. He recommends that stores ask the suppliers what they are trying to get rid of rather than going for what they think they want to buy. Then he says that the trick is to sell the customer on what he terms "an investment stone" rather than an impulse stone. It's an interesting idea but it implies that the customer has to really trust the person doing the selling that they are being sold the stone that is best for them and not just best for the jeweler's bottom line.

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Tags: diamonds, fortunoff, friedman, jewelry, simplexdiam, whitehall

Expensive UK Government Wine Cellar Causes Controversy

by Deidre Woollard (RSS feed) —

Filed under: Wine

The announcement that the wine cellar of the UK government is worth nearly £800,000 has some people up in arms over questions of extravagance. The government's cellar has over 39,000 bottles of wine including around 500 bottles of spirits and liqueurs for a total of £792,000. Liberal Democrat MP Don Foster was quoted in the BBC News as saying that the huge cellar shows that the government is living 'beyond its means'. Figures show that the ministers spent a total of £5 million on wining and dining including more than £100,000 toward maintaining Whitehall wine cellar, stocking it with vintage and non-vintage Champagne, red Bordeaux and white Burgundy wine.

By contrast, according to a recent article on Slate, the White House currently stocks around 500-600 bottles although, as commenters below have pointed out, it's not exactly an apt comparison. The official Whitehall cellar which is in the vaults of Lancaster house is meant to serve the entertainment needs of all the ministers. But as the Slate article points out, French-wine-loving Thomas Jefferson once had around 20,000 bottles in his Presidential cellar under what is now the West Wing. In more recent years, U.S. Presidents have made an effort to showcase U.S. wines. These days most wine-producing countries opt to serve the wines created in the country at state meals.

Gallery: Political Extravagance or Political Thrift?

Russian President Dmitry Medvedev's Fancy Watch

The Obamas Pay To Decorate Their Own Quarters

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Tags: uk, whitehall, wine cellar, WineCellar

Diamond Sales Struggle but Blue Nile Survives

by Laura Malesich (RSS feed) —

Filed under: Jewelry

Although brick-and-mortar diamond retailers are hurting these days online vendors are staying afloat. Stores such as Finlay's, Shane Co, Whitehall and Fortunoff have closed their doors as diamond sales have frozen in the stale economy. Blue Nile, however, has managed to keep consumers' interest with over 60,000 diamonds and hundreds of settings. Their internet approach educates potential buyers without the pressure of a salesperson. Plus, Blue Nile keeps their inventory costs low, which they pass along to customers, by only purchasing diamonds once the consumer has made their order. That means a 20-40% reduction in price over other retailers. Incredibly, Blue Nile has even competed with Tiffany's engagement ring sales. It just goes to show, sometimes the better deal is more important than that little blue box.

Below is a gallery of some of the world's most expensive engagement rings for your viewing pleasure.

Gallery: World's Most Expensive Engagement Rings