By Michelle Graff
Antwerp--Belgian bank KBC Group NV has been ordered to return what it took from the offices of diamond company Exelco NV, Bloomberg reports.

KBC Group, which is in the process of winding down longtime diamond industry lender Antwerp Diamond Bank, seized assets from Exelco’s offices in June in an effort to recover unpaid loans.

Last Thursday, an Antwerp court ruled that KBC has to return the assets because Exelco is on track to repay its outstanding loans, reported to total about $30 million, by 2020, making the seizure unnecessary, Bloomberg reported late last week.

Exelco, which was founded in 1993 by Leon and Lior Kunstler and master diamond cutter Jean-Paul Tolkowsky, has publicly declined to comment on the matter.

In an email to National Jeweler, KBC confirmed the existence of the dispute but said it does not comment on pending customer issues.

Regarding the continuing wind-down of Antwerp Diamond Bank, which began in late 2014, KBC said it’s a process that will be completed in a “gradual and orderly manner” and that it has no timeline for when the bank will be completely dissolved.

Get the Daily News >
National Jeweler

Fine Jewelry Industry News

Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.