Connect with us

Headlines

Diamond Firm with $500M in Debt Enters Bankruptcy

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

mm

Published

on

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.

Advertisement

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 [email protected].

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular