FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
SourcingOct 02, 2017
Jean-Paul Tolkowsky’s Diamond Co. Files for Bankruptcy in US
Exelco North America Inc., Diamond Trading USA, Exelco NV and FTK Worldwide Manufacturing BVBA all filed for Chapter 11.
Wilmington, Del.--Exelco NV, the diamond company co-owned by master cutter Jean-Paul Tolkowsky, has filed for Chapter 11 bankruptcy protection.
Antwerp-based Exelco NV and FTK Worldwide Manufacturing BVBA, along with U.S.-based affiliates Exelco North America and Ideal Diamond Trading USA, filed on Sept. 26 in U.S. Bankruptcy Court in Delaware, listing up to $100 million in liabilities, court papers show.
The filing follows Exelco losing its status as a De Beers sightholder in April and lender KBC Group NV seizing goods from Exelco’s office in Antwerp over the summer in an effort to recover some of the money it’s owed.
An Antwerp court later ruled that KBC had to return the goods because Exelco was on track to repay its loans, but the company’s U.S. bankruptcy filing shows that the bank isn’t giving up.
According to court documents, Exelco originally filed the rough equivalent of Chapter 11 in Belgium but then withdrew that and filed in the United States, informing KBC of what it had done.
Despite this, court documents state, KBC continued to pursue legal action in Belgium that would allow it to seize and liquidate Exelco NV’s assets.
Exelco filed a motion for a temporary restraining order, invoking protections afforded under U.S. bankruptcy to block KBC’s actions overseas.
A U.S. bankruptcy court judge granted the TRO Friday, in an order that states in part that KBC is enjoined from “seeking to seize and/or liquidate [Exelco’s] assets and from further attempts to use the Act on the Continuity of Enterprises in Belgium or other legal proceedings to seize and/or liquidate [Exelco’s] assets. KBC is hereby directed to immediately withdraw all pending requests for relief against the debtors or their assets in the Antwerp Commercial Court (and any other court).”
A spokesperson for KBC said the company cannot comment on the case, as it is a pending legal issue involving a client.
Neither Exelco nor the attorney listed as representing it in the case, Wilmington, Delaware-based Michael R. Nestor, responded to request for comment.
Documents filed in U.S. Bankruptcy Court list Exelco NV’s creditors as numbering between 50 and 99, and puts its assets at $10 to $50 million.
According to a filing made by the company in Belgium and cited by Bloomberg, among the company’s biggest creditors are KBC and another former diamond industry lender, Standard Chartered Plc, which are owed $15 million and $35 million, respectively.
The largest unsecured creditors include a number of
Antwerp-based diamond companies, like Eurostar Diamond Traders, Trau Bros. NV and N. Shah & Co. BVBA, as well as Rosy Blue Sales Ltd. in Israel and Mahendra Brothers in India, according to U.S. court documents.
Tolkowsky, a member of the family of famous diamond cutters, started Exelco in 1993 with Leon and Lior Kunstler.
The company is a mid-stream supplier of diamonds, buying rough from miners and then cutting, polishing and/or setting the stones and selling them to retail jewelers.
Among the company’s clients is Signet Jewelers Ltd., which carries Tolkowsky-branded collections at its Kay Jewelers and Jared the Galleria of Jewelry chains.
Tolkowsky, a member of the family of famous diamond cutters, started Exelco in 1993 with Leon and Lior Kunstler.
The company is a mid-stream supplier of diamonds, buying rough from miners and then cutting, polishing and/or setting the stones and selling them to retail jewelers.
Among the company’s clients is Signet Jewelers Ltd., which carries Tolkowsky-branded collections at its Kay Jewelers and Jared the Galleria of Jewelry chains.
More on Sourcing
The Latest
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
