This year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Eurostar Diamond Traders Goes Into Bankruptcy
The diamond wholesaler’s debt reportedly tops $500 million.
Antwerp—Eurostar Diamond Traders, one of the world’s largest diamond manufacturers, has entered into bankruptcy.
The Antwerp Corporate Court ruled in favor of bankruptcy Thursday.
Prior to that ruling, the Antwerp Court of Appeal had denied the company’s request for a judicial reorganization, according to Belgian newspaper De Tijd.
The appeals court reportedly valued the company’s debt at 500 million euros ($560.4 million) and stated Eurostar had “lost the trust of its main creditors”, which includes ABN AMRO, Standard Chartered Bank, KBC Bank and Bank of India.
Eurostar Diamond Traders did not respond to National Jeweler’s request for comment Monday, but founder and Chairman Kaushik Mehta told Rapaport News that the company will appeal the decision.
The company pointed the finger at its major creditors, ABN Amro and Standard Chartered, accusing the banks of taking an aggressive approach regarding its debts.
ABN Amro did not respond to a request for comment when contacted Monday. Standard Chartered declined to comment on the case.
Founded by Mehta in 1978, Eurostar climbed the ranks to become one of Belgium’s largest diamond companies, setting up shop across the world in Botswana, China, Hong Kong, India, the United Arab Emirates and the United States, according to the company website.
At its height, the company brought in billions of dollars and landed the Mehta family the title of one of Belgium’s wealthiest families, according to De Tijd.
It’s been a rough road in recent years as the company battled a dip in sales and the loss of its status as a De Beers sightholder, which gives a company exclusive access to De Beers’ rough diamonds.
Eurostar had been a sightholder since 1986, but, as of Monday, did not appear on the De Beers’ current list of sightholders.
In its latest annual report, Eurostar cited falling demand for diamonds, especially in Asia, high prices for rough diamonds, and a lack of credit as the reasons behind its struggle, as per De Tijd.
During proceedings in September, Eurostar allegedly claimed its diamonds were worth more than $132 million, but the numbers weren’t quite adding up.
In November, the company reportedly admitted to the court that its diamonds were only worth $25 million, a figure the Antwerp court is still questioning following an evaluation.
The stock was reportedly estimated to be worth only $10 million and not all the stones were owned by Eurostar.
In denying the company’s request to reorganize, the Court of Appeals ruled that Eurostar
The Latest

As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

The entrepreneur and “Shark Tank” star will share his top tips for success.


Two existing executives have been given new roles.

Meredith Tiderington, an electrical engineering student, was selected for the award.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

Her new role is director of strategic initiatives.

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Those born in June have a myriad of options for their birthstone jewelry.

The diamond industry veteran has been named its senior sales executive.

The company plans to raise the prices of select watches to offset the impact of tariffs.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Sponsored by Stuller

It was featured in the miner’s latest sale, which brought in $24.8 million.