Diamond World reports that gem and jewelry liquidation is planned for New York City. The items up for sale include $1.5 million in diamonds, colored stones, finished jewelry and some 17,000 grams of 14-karat gold.



The LiquiTec Industries and Buxbaum Group are organizing the liquidation. The precious gems and diamond jewelry will be sold to the highest qualified bidder on behalf of the secured lenders.



The sale is composed of two bulk lots; Lot-1 includes 2,500-plus carats of diamonds, 11,000-plus carats of loose gems and hundreds of rings, necklaces, pins, pendants, earrings, bracelets and bangles. The second lot includes 15,000-plus grams of 14-karat white and yellow gold rings, earrings, bracelets and pendants all embedded with precious gems.