Forever Companies, the parent company of Diamond Nexus and other lab-grown diamond brands, is reportedly on the brink of insolvency, according to a legal filing made on January 30 in Illinois federal court.
Edmund J. Ferdinand III, the attorney representing Forever Companies in a trademark case filed by GM Casting House, revealed in his motion to withdraw as counsel that the company has been struggling financially for several months. Ferdinand stated that Lindsey Saletta, the company’s interim restructuring officer, informed him on January 27 that "the company’s bank is on the verge of foreclosing and the company will soon be insolvent."
In addition to its financial troubles, Forever Companies has also failed to settle its legal bills. Ferdinand’s filing noted, "They understand that a default will issue in this case against the company."
Founded in 2004, Diamond Nexus is a Franklin, Wisconsin-based online retailer specializing in moissanite, lab-grown diamonds, and a proprietary diamond simulant. Its sister companies, Forever Artisans and 12Fifteen, also sell lab-grown diamonds and diamond jewelry, but their websites now redirect customers to Diamond Nexus.
Efforts to reach Saletta for comment were unsuccessful. An email to Rajkumar Seecharran, previously listed as the company's president, bounced back, indicating he is no longer with Forever Companies. JCK also reached out to the company’s accounting department, Ferdinand, and an employee, but did not receive a response by press time.