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A polished diamond under inspection
Eurostar Diamond Traders Close to Bankruptcy
Eurostar Diamond Traders could be forced to file for bankruptcy soon, aftera Belgian court rejected its reorganization plan.The large Antwerp-based manufacturer, which owes anestimated $500 million, is no longer considered a financially viable business after...
Financial-Legal Mar 12, 2019 Rapaport News
Bharat Diamond Bourse
India Cracks Down on Bankrupt Diamantaires
Indian industry bodies are stepping up measures to prevent owners of bankrupt diamondcompanies from starting a new business before clearing their debts. The country’s TradeDisciplinary Committee (TDC) could ban such new firms fromcarrying out...
Financial-Legal Jan 14, 2019 Rapaport News
Rosy Blue Objects to Sears Sell-Off Plan
Rosy Blue and Vijay Gold Designs have challenged SearsHoldings Corp.’s store-liquidation plans, claiming that some of the assets itwants to sell off are consignment goods.Sears filed for Chapter 11 bankruptcy protection earlierthis month,...
Financial-Legal Oct 24, 2018 Rapaport News
Nirav Modi
US Firms Aided $4B Modi Fraud, Probe Finds
Nirav Modi’s US jewelry businesses were directly involved in the Indian fugitive’s alleged billion-dollar bank fraud, a court examiner has concluded. Mihir Bhansali, the CEO of Firestar Diamond, Fantasy and A. Jaffe, as well as Ajay Gandhi,...
Financial-Legal Aug 28, 2018 Joshua Freedman
Jewelry 150
133 Jewelers Join Sector in First Half
The number of new jewelry businesses in the US jumped 87% inthe first half of the year, even as the industry continued to shrink overall. A total of 133 companies entered the sector in the sixmonths to June 30, compared...
Polished Markets Jul 19, 2018 Rapaport News
A Jaffe 150
US Court Stalls $8M Sale of A. Jaffe
The sale of A. Jaffe’s assets to Parag Diamonds is off forthe time being.The “sale motion” — a proposal to auction off A. Jaffe — has been withdrawn, according to a court notice the company’s lawyers filed last week. Parag, also...
Financial-Legal May 24, 2018 Rapaport News
Parag Buys A. Jaffe’s Assets at Auction
A US court has named Parag Diamonds as thesuccessful bidder for the assets of A. Jaffe, one of Nirav Modi’s jewelrybrands. Four prospective purchasers attended the auction on May 3,participating in several rounds of bidding, according to a filing with the...
Financial-Legal May 09, 2018 Rapaport News
A.Jaffe jewelry
Firestar Chief Speaks Out on Nirav Modi Crisis
Firestar Diamond and its affiliates reported significant interest from companies looking to buy their operations, after filing for bankruptcy in the wake of fraud allegations against their ultimate owner, Nirav Modi.The three jewelers...
Financial-Legal Mar 04, 2018 Rapaport News
Polished Diamonds
Court Dismisses Exelco’s Chapter 11 Case
A federal judge dismissed Exelco’s Chapter 11 filing inDelaware Bankruptcy Court, documents showed.Exelco, an Antwerp-based diamond manufacturer and former DeBeers sightholder, filed for Chapter 11 bankruptcy protection in September. Thecompany, which Jean-Paul Tolkowsky co-founded with...
Financial-Legal Dec 25, 2017 Rapaport News
KBC Bank
KBC Questions Exelco’s US Bankruptcy Move
KBC Bank has sought to prevent Exelco NV from continuingChapter 11 bankruptcy proceedings in the US, claiming that the case belongs inBelgium, according to court documents. Exelco NV, an Antwerp-based diamond manufacturer that owes money to KBC,...
Financial-Legal Nov 01, 2017 Rapaport News
Exelco Seeks Chapter 11 Protection in US
Antwerp-based diamond company Exelco NV has sought Chapter11 bankruptcy protection in the US, listing estimated liabilities of $50 millionto $100 million, according to court filings.The polished manufacturer estimated its assets at $10million to $50 million and...
Financial-Legal Oct 02, 2017 Rapaport News
Bharat Diamond Bourse
India Focuses on Fighting Fraud
India has beefed up its diamond disciplinary capabilities to put astop to bankrupt traders setting up new companies to escape debts and curb other fraudulent activities.The new Trade Disciplinary Committee will have more power totarget...
Financial-Legal Jan 05, 2017 Joshua Freedman
true north gems
True North Gems Greenland Files for Bankruptcy
True North Gems’ Greenland subsidiary TrueNorth Gems Greenland A/S (TNGG) has initiated voluntary bankruptcyproceedings after it failed to secure the necessary funding from financers andcreditors.TNGG’s main asset is theAappaluttoq ruby and pink sapphire...
Mining Sep 08, 2016 Rapaport News
Jewelers Exiting U.S. Trade Soars in 1Q
U.S. jewelry business discontinuances surged 35 percent inthe first quarter, according to data released by the Jewelers Board of Trade(JBT).Of the 380 companies that left the industry, the maximumnumber was in the “ceased-operations” category, which...
Retail May 01, 2016 Rapaport News
Hong Kong
HK, Bangkok Jewelry Firm Goes Bust
A diamond jewelry firm in Hong Kong and Bangkok has gone bankrupt and defaulted on $54 million (Rs 350 crore), according to The Times of India.The newspaper, which did not disclose the identity of the firm,...
Manufacturing Oct 11, 2015 Rapaport News
Fletcher’s Jewelers Parent Company Seeks Bankruptcy Protection
USA Discounters Ltd., parent company of Fletcher’s Jewelers, filed for bankruptcy protection and plans to wind down its business, according to a report in the Wall Street Journal.The company closed its 24 USA Living stores before...
Retail Aug 26, 2015 Rapaport News
California's Romano's Jewelers Shutters Stores in Bankruptcy, Owes $58M
Several Romano’s Jewelers locations across Southern California, including three in San Diego County, have recently closed or are in the process of shutting down, according to the business’ Chapter 7 bankruptcy trustee, according to a report by local television...
Retail Aug 20, 2015 Rapaport News
Press Release: Simplex Diam Buys Martin Ross Group Jewelry Inventory
Press Release: Simplex Diam Inc. of New York announced that it acquired the jewelry inventory assets held by the Martin Ross Group of Canada at a bankruptcy auction. Approximately 16,000 units of jewelry were purchased, with a wholesale...
Polished Markets Apr 06, 2015 Simplex Diam
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