Diamond Nexus Owner on “Verge of Insolvency,” Attorney Says

By Rob Bates | February 05, 2025

Forever Companies, the parent firm of Diamond Nexus and other lab-grown sellers, “has been on the verge of insolvency for several months,” its counsel said in a legal filing, entered Jan. 30 in Illinois federal court.

Edmund J. Ferdinand III, an attorney who represented Forever Companies in a trademark case brought by GM Casting House, made the comment in a motion to withdraw as Forever’s counsel.

In his motion, Ferdinand wrote that Lindsey Saletta, whom he described as Forever Companies’ interim restructuring officer, told him on Jan. 27 “that the company’s bank is on the verge of foreclosing and the company will soon be insolvent.”

Forever Companies “has not paid [its] legal bills,” according to Ferdinand’s filing, “…and they understand that a default will issue in this case against the company.”

Founded in 2004, Diamond Nexus is a Franklin, Wis.–based e-tailer of moissanite, lab-grown diamonds, and a “proprietary diamond simulant.” Sister companies Forever Artisans and 12Fifteen sell lab-grown diamonds and diamond jewelry online, though their sites now direct customers to Diamond Nexus.

Saletta could not be reached for comment. An email to Rajkumar Seecharran, previously listed as the company’s president in corporate filings, was returned with the message that he was no longer with Forever. JCK has reached out to the company’s accounting department, Ferdinand, and an employee, but did not receive a response by press time.

(Photo: Getty Images)