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WD Lab Grown Diamonds Files for Ch. 7 Bankruptcy Protection

The firm reported liabilities of about $44 million versus assets of $3 million.




WD Lab Grown Diamonds has filed for Chapter 7 bankruptcy protection

The company reported liabilities of about $44 million versus assets of $3 million, the Financial Times reports.

The company, based near Washington, DC, made the filing in federal bankruptcy court in Delaware.

The newspaper stated that per-carat prices for lab-grown diamonds “have crashed more than threefold in seven years, as manufacturers continue to flood the market.”

WD Lab Grown Diamonds was founded in 2008 and used the using the chemical vapor deposition process to make its diamonds. It had revenue of $33 million last year..


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When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”

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