Diamond Company Forced into Chapter 7

An involuntary Chapter 7 petition was filed against New York
City diamond company Dia Deb International by five of its creditors, according to court papers
filed July 14.

While the company has the right to convert the case into a
Chapter 11, the creditors’ attorney, Samuel R. Grafton, of New York City firm Popper
& Grafton, expects it will be a “liquidating Chapter 11.”

“We understand the company is winding down,” he told JCK.

The creditors filing the petition are: Apex Gems, which
claims it is owed $139,354.39; Sanghavi Diamonds, $39,774.10; BlueRays, $10,108.45;
C.M. Diamond (NY), $10,312.30; and D&P Diamond, $6,874.90.

According to the website for Zamir
Equities, Dia Deb’s “main business is the manufacturing and distribution of
fine jewels and diamonds, with facilities in Tel Aviv and Bombay.” It is a
33-year-old business made up of two principals, Asher Roshan Zamir and his
brother, Yehuda.

Zamir Equities also owns and manages
587 Fifth Avenue, as well as several other buildings, according to its site.

Zamir did not return a call from JCK.