Rapaport News



Rapaport Broadcast
Martin Rapaport Addresses Israel Diamond Week
February 12 2020

Advanced search
Latest Articles
Rough Markets
Polished Markets

Bank Told to Restore Exelco Assets: Bloomberg

Diamond cutter on track to repay loans by 2020, report states.
Jul 9, 2017 4:17 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... A court has ordered KBC Group to return the assets it seized from Antwerp-based diamond firm Exelco within 24 hours, Bloomberg reported Thursday.

The Belgian bank took hold of assets belonging to Exelco on June 22, according to a separate report by the news service last week. The bank had bailiffs enter the diamond manufacturer’s offices, as well as offices of De Beers and ABN Amro, the report said.

However, the Antwerp court ruled the seizures unnecessary, determining that Exelco was on track to repay loans to KBC by 2020 as planned, according to Bloomberg.

Spokespeople for Exelco and KBC did not immediately respond to requests for comment. Last week, Exelco — the supplier of the Tolkowsky Ideal Cut diamond — said it would not comment “given the nature of the financial and legal matters.”

KBC is looking to recover $29 million (EUR 26 million) from Exelco, Bloomberg said. The diamond firm’s debts totaled $133.1 million — including nearly $30 million owed to banks — in its latest consolidated annual accounts for 2015, which it filed about a year ago.

Jean-Paul Tolkowsky, a seventh-generation diamantaire, co-founded Exelco in 1993 with Leon and Lior Kunstler. Tolkowsky’s great uncle, Marcel Tolkowsky, invented the ideal-cut round brilliant diamond in 1919.

Main image: Alrosa
Tags: ABN Amro, Antwerp, De Beers, Diamond cutting, Diamond manufacturing, exelco, Jean-Paul Tolkowsky, kbc group, loans, Manufacturing, Marcel Tolkowsky, Rapaport News, Tolkowsky, Tolkowsky Ideal Cut
Similar Articles
Rough diamondsKimberley Process Plans to Digitize Its Certificates
Apr 05, 2020
The Kimberley Process (KP) is trialing the use of digital certificates...
Belgian Banks Postpone Loan Repayments
India Eases Trade’s Financial Burden
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us