The Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.
Tara Jewels Files for Chapter 11 Bankruptcy
The New York-based wholesaler and its parent company owe creditors between $10 million and $50 million.
New York—Wholesaler Tara Jewels LLC and its parent company, Tara Jewels Holdings, have filed for Chapter 11 bankruptcy in federal court in New York.
Tara Jewels is wholly-owned by its parent company, which is owned by Tara Jewels Ltd., an Indian company that operates a chain of retail stores. A court in Mumbai, India began insolvency proceedings against Tara Jewels in November 2018 on behalf of its creditors.
In the bankruptcy case in the U.S., New York-based Tara Jewels claims between $500,000 to $1 million in assets while Tara Jewels Holdings lists between $0 to $50,000.
Both entities have liabilities in the range of $10 million to $50 million, court documents show.
Chapter 11 bankruptcy is sometimes called “reorganization” bankruptcy, as it generally gives the debtor time to put a plan in place to repay its debts while, at the same time, restructuring the business so it can continue.
Richard T. Faughnan of Kroll, a New York-based corporate investigations and risk consulting firm, has been named chief restructuring officer in the Tara Jewels case. He declined to respond to National Jeweler’s request for comment on the proceedings.
A meeting of creditors is set for the afternoon of July 23 at the Office of the U.S. Trustee in U.S. Bankruptcy Court in New York.
Tara Jewel Ltd., which started as a jewelry manufacturer, began its wholesale operations in 2006 when it partnered with M. Fabrikant & Sons.
In November 2006, M. Fabrikant & Sons and its subsidiaries filed for Chapter 11 bankruptcy, but its foreign and domestic affiliates were not included in the filing.
Fabrikant-Tara filed for bankruptcy protection then and again in 2008, according to court documents.
The company continued to operate as Fabrikant-Tara until 2015, when then-CEO Matthew Fortgang, the former CEO of M. Fabrikant & Sons, left and it dropped the Fabrikant name.
Tara Jewels has been a supplier for Walmart Inc., Signet Jewelers Ltd., Blue Nile, and Helzberg Diamonds, according to its annual report, and collaborated with designer Zac Posen on the jewelry line sold through Blue Nile starting in fall 2014.
Tara Jewels’ attorney did not respond to National Jeweler’s request for comment on the bankruptcy filing.
The Latest

Reeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.

The piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.

Supplier Spotlight Sponsored by GIA

CEO Beth Gerstein shared its most popular price points, what’s trending in non-bridal fine jewelry, and its holiday performance.


The 15 pieces were crafted from the “Insofu” emerald, discovered in Zambia in 2010.

Jewelers of America is distributing a brochure for retailers to use when discussing the differences between natural and lab-grown diamonds.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

The industry is changing as it grapples with new realities around distribution, supply, and the need for consistent, effective marketing.

Bhansali discusses the potential impact of U.S. tariffs, demand for diamonds by market, and the “cautious confidence” in India right now.

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

Govind Dholakia and Tanishq will be recognized for their contributions to the industry at the Diamonds Do Good Awards in Las Vegas.

The New York City-based brand has opened its first U.K. location with a permanent shop-in-shop at Liberty in London.

A metal detectorist discovered the ring that is believed to have belonged to a bishop in the late 12th to early 13th century.

Organizers looked to new partnerships and interactive experiences to enhance the spring show, set for March 16 to 18.

Kenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.

The suspect allegedly stole almost $800,000 worth of diamond jewelry from a store in Orlando and then swallowed it during a traffic stop.

Ahead of the Gem Awards on Friday, Jen Cullen Williams and Duvall O’Steen share pro tips for taking the best photos.

Founded in 2000, Marco Bicego is commemorating its milestone anniversary with a “25 Best” collection and campaigns honoring its heritage.

Those attending the company’s upcoming Zoom workshop will receive early access to “The List,” its new resource for finding buyers.

The organization will present an award to Amy-Elise Signeavsky, law enforcement and diamond recovery manager at GIA.

Chandler started his jewelry career at Michelson Jewelers, joining the Diamond Council of America as president and CEO in 2001.

Scottish American designer Maeve Gillies collaborated with Platinum Guild International on jewelry created by direct metal 3D printing.

Ahead of its trade show in May, TJS awarded free registration and accommodations to five up-and-coming jewelry industry professionals.

The 2025 Gem Awards are set to take place Friday at Cipriani 42nd Street in New York City.

The annual star-studded campaign for International Women’s Day encourages collective action against domestic violence.

The statement piece is seen in Yeprem’s new “You Play the Game” campaign, created for International Women’s Day.