A gem and jewellery liquidation is being organised in New York City, reports say. The items almost resemble a treasure chest, with over $1.5 million in diamonds, coloured stones, finished jewellery and around 17,000 grams of 14-karat gold. The liquidation is being organised by LiquiTec Industries and Buxbaum Group, and will sell the gems and jewellery to the highest qualified bidder on behalf of the secured lenders, reports say.

The sale would be conducted in two bulk lots, with Lot-1 including 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 would include 15,000-plus grams of 14-karat white and yellow gold rings, earrings, bracelets and pendants all embedded with stones.