CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
SourcingApr 02, 2019
Eurostar Diamond Traders Goes Into Bankruptcy
The diamond wholesaler’s debt reportedly tops $500 million.
Antwerp—Eurostar Diamond Traders, one of the world’s largest diamond manufacturers, has entered into bankruptcy.
The Antwerp Corporate Court ruled in favor of bankruptcy Thursday.
Prior to that ruling, the Antwerp Court of Appeal had denied the company’s request for a judicial reorganization, according to Belgian newspaper De Tijd.
The appeals court reportedly valued the company’s debt at 500 million euros ($560.4 million) and stated Eurostar had “lost the trust of its main creditors”, which includes ABN AMRO, Standard Chartered Bank, KBC Bank and Bank of India.
Eurostar Diamond Traders did not respond to National Jeweler’s request for comment Monday, but founder and Chairman Kaushik Mehta told Rapaport News that the company will appeal the decision.
The company pointed the finger at its major creditors, ABN Amro and Standard Chartered, accusing the banks of taking an aggressive approach regarding its debts.
ABN Amro did not respond to a request for comment when contacted Monday. Standard Chartered declined to comment on the case.
Founded by Mehta in 1978, Eurostar climbed the ranks to become one of Belgium’s largest diamond companies, setting up shop across the world in Botswana, China, Hong Kong, India, the United Arab Emirates and the United States, according to the company website.
At its height, the company brought in billions of dollars and landed the Mehta family the title of one of Belgium’s wealthiest families, according to De Tijd.
It’s been a rough road in recent years as the company battled a dip in sales and the loss of its status as a De Beers sightholder, which gives a company exclusive access to De Beers’ rough diamonds.
Eurostar had been a sightholder since 1986, but, as of Monday, did not appear on the De Beers’ current list of sightholders.
In its latest annual report, Eurostar cited falling demand for diamonds, especially in Asia, high prices for rough diamonds, and a lack of credit as the reasons behind its struggle, as per De Tijd.
During proceedings in September, Eurostar allegedly claimed its diamonds were worth more than $132 million, but the numbers weren’t quite adding up.
In November, the company reportedly admitted to the court that its diamonds were only worth $25 million, a figure the Antwerp court is still questioning following an evaluation.
The stock was reportedly estimated to be worth only $10 million and not all the stones were owned by Eurostar.
In denying the company’s request to reorganize, the Court of Appeals ruled that Eurostar
“no longer has tradable diamonds” and cannot continue to operate.
More on Sourcing
The Latest
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
