Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
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.
The Latest

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.


From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Sapphire’s variety of colors make it the perfect birthstone for September.

The retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

The collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

CEO Efraim Grinberg noted a resurgence in the fashion watch market.

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Sponsored by Clientbook

It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

Former Free People buyer Afton Robertson-Kanne recently joined the retailer.

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.

The singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.

Dubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.