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Diamond Firm with $500M in Debt Enters Bankruptcy

A court said the company ‘doesn’t have a single marketable diamond.’

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Eurostar Diamond Traders, an Antwerp-based raw-diamond polishing company, has entered bankruptcy, Rapaport News reports.

The proceeding is the result of a decision by Antwerp Corporate Court. 

The firm had requested protection from its creditors at the end of February, but the Antwerp Court of Appeal rejected the request.

The company said in a statement: “For [CEO] Kaushik Mehta and Eurostar, this is a very disappointing day, which he still is appealing and fighting.”

The firm owes about $500 million and has lost its De Beers sight, according to De Tijd, a Belgian newspaper.

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Major creditors include ABN Amro, Bank of India, KBC Bank and Standard Chartered Bank, the Brussels Times reports.

The Court of Appeal wrote that Eurostar “doesn’t have a single marketable diamond” and “can no longer function normally.”

Read more at Rapaport News

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

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Jewelry Distributor Arrested With $15M in Counterfeit Goods, Police Say

$15M in counterfeit merchandise was seized.

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The owner of a business in the downtown Los Angeles jewelry district has been arrested for allegedly selling counterfeit jewelry.

Moossa Lari is accused of felony trademark violation, according to a press release from the LA Police Department.

Moossa Lari

Investigators conducted several undercover buys and surveillance operations and determined that he was “a major distributor of counterfeit jewelry nationwide,” the release states.

Search warrants were served at multiple locations in the jewelry district on Nov. 7 by LAPD in collaboration with the FBI, Homeland Security Investigations and Custom Border Protection.

Officers seized about $58,000 in cash and over $15 million counterfeit jewelry with Street value of over $1 million, according to the release. Counterfeit jewelry recovered included fake Hermes, Gucci, Chanel, Louis Vuitton, Rolex, Michael Kors, Cartier, Tiffany Co., YSL, Dior, Calvin Klein, Guess, Van Cleef and Bvlgari pieces.

The counterfeit jewelry was tested at the scene and did not meet U.S. safety standards, the release states.

The standard of acceptable lead and cadmium is 90 parts per million. The seized counterfeit jewelry tested as high as 200,000 parts per million.

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Video: It’s Not My Problem When You Buy a $120 Ring and Your Wife Finds Out It’s ‘Fake’

It’s not the jeweler’s fault she got mad.

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LIKE ANY JEWELER, Cullen Wulf sometimes runs into customers who aren’t looking to spend much money.

Unfortunately, sometimes their expectations are way out of line with what they’re willing to pay.

In the video below, Cullen re-enacts a scenario where he encountered just such a customer — a customer whose wife was unhappy with her sterling silver and CZ anniversary gift.

The customer felt that Cullen was to blame, and Cullen set the record straight.

Take a look.

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FTC Releases Disclosures Guidance for Social Media Influencers

It explains when and how influencers must disclose sponsorships to their followers.

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Enlisting social media “influencers” has become a popular way to promote a wide range of products, including jewelry.

Unfortunately, it’s not always obvious to consumers what is and isn’t an ad. The Federal Trade Commission wants to fix that.

The FTC has released a new publication for online influencers that lays out the agency’s rules of the road for when and how influencers must disclose sponsorships to their followers.

The new guide, “Disclosures 101 for Social Media Influencers,” provides influencers with tips from FTC staff about what triggers the need for a disclosure and offers examples of both effective and ineffective disclosures.

The guide and accompanying videos underscore that the responsibility to make disclosures about endorsements lies with the influencer. The guide outlines the various ways that an influencer’s relationship with a brand would make disclosures necessary, and it reminds influencers that they cannot assume that followers are aware of their connections to brands.

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The guide includes tips for when and how influencers should tell their followers about a relationship. For example, it suggests the words influencers might use, as well as where in their social posts a disclosure should appear.

The new publication summarizes the FTC’s existing guidance in this area, including the FTC’s Endorsement Guides and a 2017 question-and-answer document produced by staff.

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