(Press Release)
NEW YORK – Excelsior Capital Ventures LLC announced today that it will be making substantial liquidity available to the mid-stream diamond and jewelry industry. The New York based firm, founded by industry leader Nehal Modi, said it expects to begin lending operations Oct. 3, 2016, and will provide loans secured by diamond and precious metal inventories.
In making the announcement, Modi said the firm is entering the market at a crucial time. “We are in an environment where the diamond and jewelry industry is experiencing a significant contraction in lending. There is a dire need for new capital and greater liquidity in order to expand the companies and industry at large.”
It is estimated there is a $6 billion shortfall in market liquidity, and it is Excelsior’s intention to close the gap by at least $1.5 billion in total loans by 2019. Modi said that ECV’s business model encompasses secure asset management, risk-mitigated logistics, spot market appraisals, asset monetization and assisted marketing solutions for customers’ inventory. A key development since ECV began establishing its infrastructure and operations in 2015 is its ability to fund select consignment programs at approved major retailers.
Excelsior, which will be providing loans of up to $20 million per borrower, is working with industry stakeholders to implement its solution to the liquidity crisis. Jon Mitchell, chief operating officer of ECV, said the firm is in discussions with all the major diamond banks. “We are working diligently to determine how we can co-lend with them on a client-by- client basis. We are also meeting with prospective borrowers daily to better understand their capital needs and to ensure that we are fully equipped to service them. Either way, we are demonstrating our long term commitment to the industry by pledging a large pool of capital.”
Mitchell noted that Excelsior has engaged White Pine Trading LLC as its infrastructure, logistics and distribution services partner for ECV borrowers. “Collectively with Excelsior, we have reconsidered the needs of industry borrowers and developed comprehensive solutions that address the critical issues companies are facing today,” said White Pine CEO Benjamin Burne.
Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
