CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, 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
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
