Enchanted Diamonds, an international online diamond retailer headquartered in New York City, has unexpectedly declared bankruptcy leaving customers in the lurch.
The business which was registered as Online Diamonds International Corporation and formerly operated a showroom in Times Square filed for Chapter 7 bankruptcy in a New York court on 20 June. In the filing, it was listed as having debts of US$1.7 million (AU$2.4 million).
A Chapter 7 bankruptcy does not involve a repayment plan; instead, it enlists a trustee to sell the debtors assets and use the proceeds to pay creditors. It is mostly equivalent to liquidation under Australian law.
The news came after six Enchanted Diamonds customers complained to the media that they …
Read the full article at: https://www.jewellermagazine.com/Article/8347/International-diamond-retailer-goes-bankrupt
