I do think that writing off half of current assets is very steep. Inventory is carried at cost and so it's usually fully realizable & unless one's in a hurry it should be realizable at more than stated value. (Unless issues like obsolescence arise, but this is jewelry.) Receivables are stated net of an allowance for doubtful accounts, and run about the same every year. So those are almost as good as the inventory, close to full value.
Graham, sort of "the" traditional expert in liquidations and asset plays, recommended writing off a third of the net currents, a much smaller figure. But you gotta do what you gotta do of course.