Sourcing

Belgian Bank Reportedly Seizes Assets from Exelco

SourcingJul 06, 2017

Belgian Bank Reportedly Seizes Assets from Exelco

KBC is looking to recover some $29 million in unpaid loans from diamond company Exelco NV, which was co-founded by a member of the Tolkowsky family.

Antwerp--Belgian bank KBC Group NV seized assets from a well-known diamond company late last month in an effort to recover millions in unpaid loans, Bloomberg reported Monday.

Citing court papers, the news outlet reported that KBC had bailiffs search Exelco NV’s Antwerp offices and seized some goods, though the amount of goods taken were insufficient to cover the reported $29 million KBC is seeking to recover from the company.

In addition, KBC searched the De Beers Auction Sales offices in Antwerp but did not find any Exelco goods there, as the company is no longer a DBAS customer. Exelco also had its sightholder status revoked in April, a De Beers spokesperson confirmed Thursday.

KBC, once a main provider of financing to the diamond industry through the now-defunct Antwerp Diamond Bank, has been winding down the bank since late 2014 after failing to find a buyer.

The company did not respond to request for comment on the Bloomberg report or where it is with the wind-down of ADB.

Exelco was founded in 1993 by Leon and Lior Kunstler and master diamond cutter Jean-Paul Tolkowsky, a member of a family that has a long history in the diamond industry. Marcel Tolkowsky is credited with inventing the ideal-cut diamond, and Jean-Paul and his father, Gabi, have cut some of the most famous stones in the world, including the 274-carat Centenary, the world’s largest D flawless diamond, and the 546-carat Golden Jubilee, the world’s largest faceted diamond.

Exelco did not respond to requests for comment sent to two separate email addresses. A woman who answered the phone at the company’s Antwerp offices on Thursday morning said nobody was available to speak to the media.

Despite the fact that the Bloomberg story published on Monday cites the Exelco website as a source of information, the website that’s widely listed for the company, ExelcoDiamond.com, came up as “Currently under construction” on Wednesday afternoon, save for the news page.

The company, however, is still in the De Beers sightholder directory, which has it listed as having nine offices, two factories and 380 employees.

Its subsidiaries include FTK Worldwide Manufacturing BVBA in Belgium, Ideal Diamond Trading USA Inc., Lior Diamonds Ltd., 21st Century Diamond LLC and H&A Cutting Works Ltd., which was the company that sold its cutting and polishing factory in Gaborone, Botswana, to Signet Jewelers back in 2013.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Nina Pugliese Henne Jewelers
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

Overnight volume 7 bridal catalog
MajorsSep 29, 2025
Overnight Releases New Bridal Catalog

The “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.

Mark Henry Leandra Medine Cohen
IndependentsSep 29, 2025
Mark Henry Jewelry to Debut in Canada

The New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.

gia-edu main image.png
Brought to you by
A Brilliant Future Is Here

Online education from GIA experts.

Kwait White and Yellow Gold Diamond Earrings
TrendsSep 29, 2025
Amanda’s Style File: Ear Focus

Move over neck mess, the ear story is the way to make a layering statement today.

Weekly QuizSep 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Hand holding holiday shopping bags
SurveysSep 26, 2025
Online Shopping, Influencers to Drive Holiday Spending, Mastercard Says

Holiday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.

Austin Shines Jewelry Award
Events & AwardsSep 26, 2025
Winners of Austin Jewelry Design Contest Announced

Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Kwit Square Signet Pinky Ring in Red and Azure
TrendsSep 26, 2025
Piece of the Week: Kwit Jewelry’s Square Signet Pinky Ring

The red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.

Jewelers of America Fly In
Policies & IssuesSep 25, 2025
JA CEO Provides Tariff Update Following Annual Fly-In

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.

Kira Jewels Growing Rowing Machines
Lab-GrownSep 25, 2025
Kira Jewels Expands Lab-Grown Diamond Production

The manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.

Alex Moss SoHo store
IndependentsSep 25, 2025
Alex Moss’ New Flagship Brings Bold Jewels to SoHo

The jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.

Matthew Wilson, Kavin Kulamavalava, and a Elmasolvex VA
WatchesSep 25, 2025
Wilson & Son Jewelers Donates to the Horological Society of New York

The Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.

Representatives of India’s Gem and Jewellery Export Promotion Council and Indian government leaders
Policies & IssuesSep 24, 2025
Tariffs Throw Diamond Trade Into Disarray

The 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.

Policies & IssuesSep 24, 2025
For Jewelry Manufacturers, Higher Tariffs Create Long-Term Worries

They are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.

Guest lecture for people with disabilities at the Jewelex factory
SourcingSep 24, 2025
A Helping Hand: An Effort to Boost Inclusivity in the Industry

Jewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.

Greenwich St. Jewelers Estate Capsule Campaign
CollectionsSep 24, 2025
Greenwich St. Jewelers Goes Back in Time With First Estate Collection

The collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.

Marcus ter Haar
Policies & IssuesSep 24, 2025
Diamonds Do Good Names Marcus ter Haar as President-Elect

He previously served as co-chair of the nonprofit’s beneficiary committee.

Jane Goodall Brilliant Earth campaign
CollectionsSep 24, 2025
Brilliant Earth’s New Jane Goodall Collection Calls for Peace

Its second collaboration with the conservationist features jewelry with dove and olive branch motifs.

SRK Kriam Pharma
SourcingSep 24, 2025
SRK Launches Kriam Pharma

The diamond manufacturer’s new company will provide accessible and affordable high-quality medicines across India.

Emmanuel Raheb, CEO of Smart Age Solutions and National Jeweler columnist
ColumnistsSep 23, 2025
Quiet Luxury: What Fall’s Top Trend Means for Jewelers

Emmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.

Claire’s storefront
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’s

The private equity firm has a plan to revive the mall staple.

Super Smalls Super Book of Gems, Maria Dueñas Jacobs, and Bianca Gottesman
SourcingSep 23, 2025
Super Smalls’ New Book Introduces Kids to Gems, Fine Jewelry

The “Super Book of Gems” dives into the Mohs Hardness Scale, the Four C’s, and designs from jewelers like Cartier and Bulgari.

Mattioli CEO Claudio Pasta
MajorsSep 23, 2025
Mattioli Names Kering Exec as New CEO

Claudio Pasta will take the lead at the Italian fine jewelry brand, succeeding company founder Licia Mattioli.

Monique Lhuillier fashion jewelry Kay
CollectionsSep 23, 2025
Monique Lhuillier Adds Fashion Jewelry to Kay Jewelers Line

The new lab-grown diamond jewelry offering is the latest expansion of the designer’s “Bliss” collection.

Rio Tinto tender
SourcingSep 22, 2025
Rio Tinto Announces Final ‘Beyond Rare’ Tender

The miner is honoring the end of an era with an offering of 52 lots from the now-closed Argyle and the soon-to-close Diavik mines.

Vibhor and Alor logos
MajorsSep 22, 2025
Jewelry Manufacturer Vibhor Acquires Alor

The California-based fine jewelry brand will retain its identity post-acquisition, with new collections launching next year.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy