Residual inventory from the bankruptcy of multimedia retailer Gems TV (USA) Ltd. will be available beginning next week at the JA New York Summer Show, National Jeweler has learned.

Yogesh Madhavani, chief executive officer of SimplexDiam, said that his company beat out four other bidders in a closed auction for 10,000 pieces of Gems TV inventory. The inventory is a mix of gold and diamond and/or colored gemstone pieces as well as silver pieces set with gemstones and a number of watches. Wholesale prices for the pieces range between $20 and $1,000.

Facing financial struggles, Reno, Nev.-based on-air retailer Gems TV (USA) Ltd., which sold mainly colored gemstone jewelry via its 24/7 home shopping network, filed for bankruptcy in April and went off the air shortly thereafter. Since that time, its Singapore-based parent company Gems TV Holdings Ltd. has successfully acquired a 32 percent stake in Gems TV’s one-time rival, Knoxville, Tenn.-based Jewelry Television.

Madhavani said the Gems TV inventory consists of fashion forward pieces of good quality, with many offering “bigger looks.”

“It’s unlike some other inventories that are more traditional,” he said.

SimplexDiam will exhibit at Booth #2340. JA New York will take place July 25 through July 28 at the Jacob K. Javits Convention Center in New York City.

Source: National Jeweler Network