Bank Seizes Assets of Exelco, Report Says

On June 22, KBC Bank seized assets from Exelco, a former sightholder owned by a member of the storied Tolkowsky family, according to a report in Bloomberg.

KBC, former owner of now-shuttered Antwerp Diamond Bank, sought $29 million from the company, the news agency reported, citing court documents.

UPDATE: Those assets have reportedly since been returned.

Exelco was cofounded by Jean Paul Tolkowsky, son of famed cutter Gabi Tolkowsky and relative of Ideal Cut inventor Marcel. Jean Paul appeared in commercials for Kay Jewelers’ Tolkowsky brand.

Messages to Tolkowsky and Kunstler were not returned. Exelco declined comment “given the nature of the financial and legal matters.”

Exelco stopped being a sightholder in April, though it remains an accredited buyer, according to a De Beers spokesperson.

In 2013, Signet purchased Exelco’s factory in Botswana.

(Image courtesy of Exelco)

JCK News Director

3 responses to “Bank Seizes Assets of Exelco, Report Says”

  1. “Ideal Cut inventor Marcel”?
    Really Rob? Please provide proof he invented the “IDEAL CUT” Oh!, and please don’t quote his book,
    ( Diamond Design ) as he does NOT use the word IDEAL in his mathematical-light-refraction thesis. Your ignorance in this industry is astounding!

  2. A successful business relationship insures both parties survive. I suspect that Exelco was squeezed to the point they could not longer survive. This is what happens to companies that pursue growth at any cost.

  3. Looks like they took too much risk, did not do the home work and failed. This is the story of lot of poorly managed good companies in our industry. Cannot blame their own mistakes on someone else.

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