SimplexDiam Inc. has announced that it would liquidate 7 figures in closeout diamonds for the Bankruptcy estate of Fortunoff Holdings, LLC. & Fortunoff Cards, LLC. This is the logical next step for a company that has won almost every major retail bankruptcy residual in the past 12 months.
In a coup for the estate, Simplex has offered both a minimum guarantee recovery and a commitment of all of its resources to making this auction a success. They’ve designated a part of their Las Vegas presence to aggressively promote the auction. Says VP of marketing, Neel Madhvani: “the Fortunoff auction will be prominent in all of our marketing. In fact, it will have a significant allocation in the 20,000 fliers JCK hands out to every one of the buyers in attendance.”
Interestingly, this will be the first time ever that a specialized asset recovery company will be running a loose diamond auction. Having purchased and sold well over 200,000 carats of closeout diamonds in the last 12 months, SimplexDiam Inc. has more experience by far than their next closest competitor in the field.
Chairman and CEO, Yogesh Madhvani says, “The entire team is excited to be a part of this. This is the first time ever that a wholesale bankruptcy auction is tied to aggressive marketing. We expect far more applications for viewing than we have spots available. Within the first day of signing we spoke to 25 potential buyers who showed considerable interest.”
This auction will be run with complete transparency. The team has setup an online account with a public provider that is accessible by cleared staff from Fortunoff, it’s advisors, and Simplex. All bids will be sent directly to this account by email or electronic fax and forwarded in real-time to all approved parties. All bidders will bid blind to other bids and bidders’ names will not be disclosed. As opposed to a public auction, this format prevents any physical or electronic contact that could disclose who is bidding on the merchandise. This event could transform the way industry auctions are run.
Yogesh Madhvani has been an entrepreneur for over 33 years, founding and running companies in markets as diverse as textiles and diamonds. Madhvani is a founding director and currently Vice President of the Indian Diamond & Colorstone Association (IDCA) and a founding member of the Indo Argyle Diamond Council (IADC). SimplexDiam Inc. is a member of multiple trade bodies including the Jewelers Vigilance Committee (JVC), the Jewelers Board of Trade (JBT), the American Gem Trade Association (AGTA), The Continental Buying Group (CBG), Jewelers of America (JA), Southern Jewelry Travelers Association (SJTA), Manufacturing Jewelers & Suppliers of America (MJSA), and most recently, The Retail Jewelers Organization (RJO). The family supports many charitable organizations.
For information on this press release and to inquire about the auction please email: [email protected]. (Please note that your inquiries will be forwarded immediately and automatically to SimplexDiam Inc. and to representatives for the Fortunoff estate.)
