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SimplexDiam buys Martin Ross inventory
The New York jewelry company was the winning bidder at the bankruptcy auction for the inventory of the Martin Ross Group, an Ontario-based fine jewelry manufacturer.
New York--SimplexDiam Inc. announced Monday that it was the winning bidder for entire inventory of Ontario-based fine jewelry manufacturer Martin Ross Group, which has filed for bankruptcy.
The bankruptcy auction of the company’s jewelry include “a significant amount of certified Canadian diamonds, Argyle Pink and natural fancy yellow diamonds,” as well as the inventory of the group’s brands Libman Co. and Master Designs, New York-based SimplexDiam said.
The company said this is the “largest ever liquidation of North American-made jewelry,” with 16,000 units that range in price from $500 to $10,000 wholesale, and the total value of the inventory at $16 million wholesale.
Last December, SimplexDiam purchased Martin Ross’s loose diamond inventory, which included 6,000 carats of diamonds, the majority of which are of Canadian origin, valued at about $5 million wholesale.
SimplexDiam said it will be re-distributing the jewelry and diamond inventory to retailers and wholesalers at trade shows and from the company’s New York offices. Those interested can contact the company via the information provided on its website.
Martin Ross filed for bankruptcy protection last year, according to Canadian Jeweller Magazine.
Prior to that, it acquired Libman Co. in 2010 and, in 2012, was named as a manufacturer for Forevermark, De Beers’s diamond brand, in Canada. Last May, Martin Ross announced it would no longer distribute products manufactured outside of Canada, and would focus instead on Canadian-made brands only.
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