Nevada Jewelry Show Forced to Liquidate
Folks in the jewelry business may be surrounded by diamonds, but it doesn’t mean they’re rich.
The Gem and Lapidary Dealers Association Inc. is filing Chapter 7 bankruptcy after several consecutive years of losing income, reports Diamond World.
GLDA, as they were known, were responsible for conducting jewelry trade shows in Arizona and Nevada. Despite watching all that shiny stuff pass by, the company listed assets of only $83,956 against almost $2 million in liabilities.
The GLDA still has several jewelery shows planned for 2010, but Diamond World says those will be taken over by International Gem and Jewelry Show. The jewelry show business brought GLDA income of more than $60,000 in 2006. The next year they reported heavy losses, and in 2009 they lost almost $400,000.