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Diamond Company Files for US Bankruptcy

Published

8 years ago

October 2, 2017

INSTORE Staff

Its liabilities may be as high as $100M.

Exelco North America Inc. has filed for Chapter 11 bankruptcy in Delaware.

In its petition, the company marked that its assets are between $10 million and $50 million. Its estimated liabilities at between $50 million and $100 million.

Exelco, which is a wholesaler and polished manufacturer, estimated that it has between 50 and 99 creditors.

The firm’s affiliates Ideal Diamond Trading USA Inc., Exelco North America Inc. and FTK Worldwide Manufacturing BVBA also filed for bankruptcy, according to documents filed in U.S. Bankruptcy Court for the District of Delaware.

The diamond company is based in Antwerp, Belium. Filings there indicate that Exelco’s creditors include KBC Group NV and Standard Chartered Plc, Bloomberg reports.

Exelco has served as a supplier to Signet Jewelers and is a former De Beers sighthholder, Rapaport notes. The primary owners of Exelco are Jean-Paul Tolkowsky and Lior Kunstler.

How Howes Diamond Jewelers Closed a Location — and Opened the Door to What's Next

Dan Howes grew up in his family's jewelry business, eventually taking the helm of two locations his father launched in 1964. When it came time to consolidate, he turned to Wilkerson. "It was a pretty easy decision," Howes says, citing the company's strong reputation and a friend's successful experience. Wilkerson's proven sales roadmap delivered — meeting projected financial goals and guiding the process every step of the way. "This is their profession. They have it dialed in."