Belgian diamond wholesaler and distributor Exelco NV, a De Beers-listed customer, has sought chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., the Wall Street Journal reported today. In court papers filed on Tuesday, the company listed assets of between $10 million and $50 million, and liabilities of between $50 million and $100 million, according to court papers. Judge Kevin Gross will be overseeing the case. A first-day hearing has yet to be set. The firm, based in Antwerp, is still listed as one of De Beers’s customers, according to the De Beers website. Exelco was once considered a diamond-trading-company sightholder, meaning it was on the authorized bulk purchaser list of rough diamonds. Court papers show that Exelco’s ownership is split between Lior Kunstler and Jean Paul Tolkowsky.
