SimplexDiam Inc. Extends Fortunoff Loose Auction to June 16th at 6PM (EST) Liquidates over 30,000 Pieces of Closeout Jewelry at JCK Las Vegas

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SimplexDiam Inc. announced today that they purchased 20,000 pieces of closeout jewelry from the Colibri receivership, to add to existing inventory, and sold the bulk of it in 2 weeks due to the overwhelming traffic at their JCK Las Vegas show booth. They further announced an extension of the Fortunoff auction deadline to June 16th 2009.

Closeout Jewelry at the JCK Las Vegas Show: SimplexDiam Inc.

SimplexDiam Inc. announced today that they sold significantly greater than 60% of merchandise prepared for the JCK Las Vegas show and initial reports show nearly double last year's customer acquisition rate. (See a video of the http://www.youtube.com/watch?v=XR1KFzRzch8.) They further announced that in response to interest shown at the JCK show, they have extended the Fortunoff loose diamond auction deadline to June 16th 2009 6PM (EST). Sign up for the SimplexDiam Inc. closeout newsletter here, for more information.

CEO Yogesh Madhvani said in a statement on June 5th: "Thanks to the dedication of our team, we had an average of 15 customers in the booth at all times. The Simplex team has worked grueling hours since January. They've skipped weekends with their families and delayed vacations to get this result. It's been a tough ride, but the finish line is well worth it." The attention at the show also boosted the interest in the Fortunoff loose diamond auction.

Simplex has offered both a minimum guaranteed recovery and a commitment of all of its resources to making the loose diamond auction a success. Their promotions in Las Vegas have led to unprecedented interest. Says VP of Finance, Shail Madhvani: "We have received significant deposits from bidders interested in the closeout loose diamonds. In order to ensure that there are enough time slots available to view the merchandise, we have extended the auction timeframe. Luckily, the estate has agreed that this is best for all parties involved." Having purchased and sold many thousands of carats of closeout diamonds in the past 12 months, SimplexDiam Inc. has notably more experience with loose than the competition.

Further, SimplexDiam Inc. has reported that they have significant open to buy and are interested in closeout or liquidation deals from brands, pawn shops, jewelry stores, manufacturers and wholesalers.

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). They will be displaying wholesale closeout jewelry at their first RJO show in August of this year. The family also supports many charitable organizations.

For information on this press release and to inquire about the auction please email: Fortunoff@simplexdiam.com. (Please note that your inquiries will be forwarded immediately and automatically to SimplexDiam Inc. and to representatives for the Fortunoff estate.)

For more information about SimplexDiam Inc., please email sales @ simplexdiam.com or visit their website.

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Neel Madhvani
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