The wholesale collection features material from the Rock Creek mine in a variety of colors.
Refiner Republic Metals Files for Bankruptcy
There are “inventory discrepancies” in the company’s books and records, court papers state.
New York—One of the country’s largest precious metal refiners filed for bankruptcy Friday following the discovery of “inventory discrepancies” in its books and records this past summer.
Republic Metals Corp., which has its main office in New York and processes metals at a facility in Miami, filed Chapter 11 in U.S. Bankruptcy Court for the Southern District of New York.
The company is looking for a buyer, and on Oct. 29, Swiss refiner Valcambi issued a press release stating that it had “reached an understanding” to acquire Republic Metals Corp. and the companies were “working through the logistics of the planned integration.”
Jennifer Mercer, a spokeswoman for Republic Metals, clarified Monday that no deal had been finalized but that talks with Valcambi are ongoing. A Valcambi spokeswoman did not respond to request for comment.
Founded in 1980 by Richard Rubin, Republic owns Republic Metals Refining Corp. and Republic Carbon Company LLC, which processes spent carbon from metals mines.
In a declaration filed alongside the company’s Chapter 11 petition, Chief Restructuring Officer Scott Avila outlined the events that led up to the decision, starting in April when the company “discovered a significant discrepancy in its inventory accounting” while preparing its full year 2018 and first quarter 2018 financials.
Republic Metals retained accounting firm EisnerAmper LLP, which confirmed that there were discrepancies in both the company’s books and records, though Mercer said she could not elaborate on the scope or nature of the discrepancies.
In late June, the company got together with its senior lenders to ask the banks to give it “breathing room” while it worked to sort out the inventory issues and develop a plan to either rectify them or restructure, the declaration states.
But the banks began to press the company a few weeks later, serving it with termination, default and demand notices July 10.
Around the same time, Republic Metals began looking for a buyer, contacting a “major, strategic metals refiner about [a] possible acquisition”—meaning Valcambi—and bringing Avila on board as CRO.
According to the declaration, the banks agreed to hold off to give Republic Metals a chance to work out a deal with the potential buyer. But as the months passed and no deal was forthcoming, the banks cut off negotiations and one lender, ICBC Standard Bank, suspended the refiner’s ability to pay customers via credit on the London metals exchange, its most common form of payment.
If a deal with Valcambi isn’t reached and the refiner cannot find another buyer, then it will be forced to liquidate its assets and inventory.
Republic Metals Refining Corp. has between 1,000 and 5,000 creditors, with assets totaling $174.8 million but liabilities topping $265 million, according to court papers.
Its largest secured lenders include Mitsubishi International Corp., the New York branch of Coöperatieve Rabobank U.A. and Bank Leumi USA, which is among the lenders that have pulled out of the diamond and jewelry trade in recent years.
The company’s No. 1 unsecured creditor is Parsippany, New Jersey-based Laurelton Sourcing LLC, a subsidiary of Tiffany & Co. According to the Chapter 11 petition, Republic owes Laurelton more than $17 million.
Other trade debts include nearly $10 million owed to Chihuahua, Mexico-headquartered mining company Coeur Mexicana SA de CV; more than $5 million owed to Premier Gold Mines Ltd. in Thunder Bay, Ontario, Canada; and Geib Refining Corp. in Warwick, Rhode Island, which is owed more than $3 million, court records show.
The Latest

The “Divinely Guided” collection, created in collaboration with Theresa Caputo, features symbols that celebrate the power of connection.

Show some love on Valentine’s Day with this 14-karat yellow gold ring that features pavé diamonds.

Colored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?

The employee confronted the thief, causing the suspect to flee and leave behind the suitcases full of jewelry.


Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.

AGTA recently concluded its 2025 GemFair event in Tucson and is already gearing up for next year’s show, set for Feb. 2-6, 2026.

The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.

More than 400 new pieces are featured in the supplier’s latest catalog.

This curation celebrates love with heart-shaped jewelry of all shapes and sizes.

The fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.

From chunky bands to vintage diamond cuts and bezel settings, these are the trends experts are seeing take over the bridal market.

Fasel discusses researching her new book, the most enduring engagement ring styles, and the diamond shape Taylor Swift will pick.

The “Essence of Nature, Chapter One” collection echoes trees and roots, literally and figuratively, through three sets of high jewelry.

Late last year, the India-based diamond manufacturer recorded emissions per carat that are 34 percent lower than the industry average.

Smith details the types of store managers he’s encountered, with the goal of helping retailers find a person who’s a fit for their store.

The secondhand reseller stocks pre-owned designer jewelry and watches, along with other luxury goods.

The limited-edition “Chocolocket” fits a mini square of Ghirardelli chocolate inside.

The program has been expanded to include a “20 Under 40” list for jewelry suppliers and is accepting nominations through Feb. 19.

One of the men is said to be connected to the South American crew charged with burglarizing Cincinnati Bengals QB Joe Burrow’s home.

The brands immersed one of Bulgari’s most famous historical icons in MB&F’s ultra-mechanical universe of haute horlogerie.

The luxury titan’s full-year performance was weighed down by struggling sales at its star brand Gucci.

Bain & Co.’s latest report on the luxury market examines why the market’s customer base is shrinking and how to appeal to consumers in 2025.

Officers in Louisville seized 28 shipments of fake jewelry and watches that would have been worth more than $27 million if genuine.

The collection centers on the art of tailoring, inspired by designs that feature folded fabrics, such as a tuxedo lapel.

The trade show has added a new location to its fall line-up.

From the brand’s latest collection of lucky charms, the ladybird is seen as a bearer of good fortune and a ward against negative energy.