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Bank Seizes Exelco’s Assets: Bloomberg

Jul 6, 2017 4:17 AM   By Rapaport News
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RAPAPORT... Belgian bank KBC Group has seized assets of Antwerp diamond firm Exelco to recover unpaid loans, according to a report by Bloomberg this week.

In an effort to recoup $29 million (EUR 26 million) from Exelco, the lender had bailiffs search the diamond manufacturer’s Antwerp offices, as well as premises belonging to De Beers and ABN Amro, where Exelco might have additional assets, Bloomberg cited court documents as saying.

KBC carried out the seizure on June 22, the report said. However, according to the documents, the goods were insufficient to cover the debt, Bloomberg reported.

Exelco also has credit lines with Standard Chartered, the news service continued, citing anonymous sources. The diamond firm's debts totaled $133.1 million — including nearly $30 million owed to banks — in its latest consolidated annual accounts for 2015, filed about a year ago.

Exelco declined to comment, “given the nature of the financial and legal matters.” KBC and Standard Chartered did not immediately respond to requests for comment.

Exelco is a De Beers sightholder, according to the Antwerp company's website, buying rough and manufacturing it into polished diamonds. It supplies both loose stones and jewelry to some of the world’s leading jewelers, the site says. However, the company lost its sightholder status earlier this year and is now only an accredited buyer, meaning it only purchases supply on an ad hoc basis, Bloomberg said.

Exelco supplies retailers such as Signet Jewelers with the Tolkowsky Ideal Cut diamond — named for Marcel Tolkowsky, who invented the ideal-cut round brilliant diamond in 1919. His great nephew, Jean-Paul Tolkowsky, a seventh-generation diamantaire, co-founded Exelco in 1993 with Leon and Lior Kunstler.
Tags: ABN Amro, Antwerp, Banks, Belgium, Debt, exelco, finance, Ideal Brilliant Cut, kbc group, Leon Kunstler, Lior Kunstler, Manufacturing, Rapaport News, Signet Jewelers, Standard Chartered, Tolkowsky Idea Cut
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