Bidz.com Inc. was on the buying end of $23.9 million in diamond and gemstone jewelry in the recent bankruptcy auction of LID Ltd., a New York-based diamond jewelry manufacturer.
Online jewelry auctioneer Bidz.com, No. 74 in the Internet Retailer Top 500 Guide, expects to sell the newly acquired inventory mainly through online auctions and wholesale transactions.
“We are extremely pleased to have outbid some very strong and better-known competitors while still receiving a great deal on this very high quality assortment of merchandise,” says David Zinberg, CEO of Bidz.com.
After receiving, photographing and describing the inventory, Bidz.com plans to begin auctioning the jewelry on its web site early this month. With the company’s fiscal second quarter ending on June 30, 2008, the majority of the acquired inventory is expected to remain on the company’s balance sheet at the end of the quarter, and some will likely be held for the holiday season, the company says.
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