royalchain.com

Revenue: 12,500,000 Size: 241GB | Royal Chain Group: Jewelry Business with Infrastructure for Bypass Operations PROLOGUE The archive from Royal Chain Inc. contains 369+ vendor ACH authorizations, structured payments, and multiple companies at a single address: Royal Chain Inc, Calgary Realty Ltd, Royal Chain Distribution, Patricia P Brandy Trust. Consignment agreements with Walmart and Helzberg, hotel contracts with The Gallivant Times Square with payments processed through a Master Account. A Patent Assignment for an "Expandable Wire Bracelet" for $1. The insurance policy contains multiple endorsements: Consignment Stock Agreement, Preferential Payment Endorsement, CAP & CAP+ Endorsement, Deemed Due Date, Work in Progress Endorsement. Policy beneficiaries: HSBC Bank USA and Israel Discount Bank — claim payments are redirected directly to these institutions. A history of IRS audits and pension audits. Documents archived with Iron Mountain and marked for destruction. Accounting journals and financial records. This article contains only a portion of the data we have chosen to disclose. Everything else will be available to download and review independently once the full archive is released. --- Part I. Who Is Royal Chain Group Royal Chain Inc — RCI, domain @royalchain.com — a jewelry company in New York. Address: - 2 West 46th Street, Suite 310, New York, NY 10036 — primary office What Royal Chain does: - Wholesale jewelry sourcing: 14kt/10kt/18kt gold chains, bracelets, earrings - Manufacturing partners: Turkey, Indonesia, Italy - Consignment sales: Walmart, Helzberg Diamonds, Blue Nile (Net 150 terms) - Hotel group bookings: The Gallivant Times Square (Master Account payments) - Patent holder: Expandable Wire Bracelet Jewelry pricing: - Gold chains: $120–$240 - Bracelets: $170–$300 - Earrings: $100–$250 - Marketing campaigns (2018–2019): Bridal Collection, PG Popcorn Collection, Trend Spring Fashions ($3,500–$6,925) Key people: | Name | Role | Contact | |------|------|---------| | Sarah R. Murrow | President & CEO | Royal Chain Inc. | | Karl Coutet | Senior Vice President & Secretary | Royal Chain Inc. | | Norman Kisnasamy | Contact person, payment management | (212) 651-0963, norman@royalchain.com | | Michael T. Brandy | Connection to Patricia P Brandy Trust | — | | Stephanie Madero | Marketing Director | stephanie@royalchain.com | | Joseph Rodriguez | Sales Manager | joseph.rodriguez@thegallivantnyc.com | | Allen Rosenel | Patent holder, inventor | c/o Royal Chain Group | | Sue Ramprashad | Accounting Dept | ext. 146, (212) 382-3340 | | Jan Katz | Accounting | ext. 118, jan@royalchain.com | | Phillip Maroof | Associated individual | 123 Third Ave 15B, New York, NY 10003, (917) 518-6470 | Multiple companies, one address: | Company | Established | Function | |---------|-------------|----------| | Royal Chain Inc | 1994+ | Primary operations, accounts | | Calgary Realty, Ltd. | 2000s | Property management | | Royal Chain Distribution | 2000s | Logistics, consignment | | Patricia P Brandy Trust | 2010s | Financial instrument | Second domain — royalchaindist.com Royal Chain Distribution uses a separate domain to manage logistics and consignment operations. --- Part II. Financial Documents A set of due diligence documents for 2024–2026. Insurance policy, consignment agreements, hotel contracts, patent documentation, ACH authorizations. Insurance Policy — Euler Hermes 5118921 | Parameter | Value | |-----------|-------| | Period | January 1 – December 31, 2026 | | Insured | Royal Chain Inc., 2 West 46th St, New York, NY 10036 | | President & CEO | Sarah R. Murrow | | SVP & Secretary | Karl Coutet | | Annual Insurable Sales | $51,750,000 USD | | Premium Rate | 0.1200% Blended | | Expected Premium | $62,100 USD | | Advanced No Claims Bonus | $6,210 USD (10% advance credit) | | Maximum Liability | $3,500,000 USD | | Maximum Terms of Payment | 90 days | | Maximum Extension Period | 60 days | | Insured Percentage | 90% | | Risks | Insolvency, Protracted default, Political risk | | Contact | Norman Kisnasamy, (212) 651-0963 | Policy Beneficiaries: - HSBC BANK USA, 452 FIFTH AVENUE, NEW YORK NY 10001 - ISRAEL DISCOUNT BANK OF NEW YORK, 1114 AVENUE OF THE AMERICAS FL 8, NEW YORK NY 10036 - Relationship type: "Finance facility" (Effective 02/18/2020) - Status: Beneficiaries become intended third-party beneficiaries Endorsements (9 total): - A3-003-E: Consignment Stock Agreement - A3-007-E: Preferential Payment (recovery upon buyer insolvency) - A3-079-E: Work in Progress - B7-020-E: CAP & CAP+ (extended limits up to $75,000) - B7-022-E: EZ Cover (rapid coverage based on Risk Rating) - A2-001-E: Political Risk - B6-018-E: Sales Declaration Buffer (structural buffer) - C15-010-E: Policy Beneficiary (Multiple) - E-001-E: Deemed Due Date (credit <90 days = treated as 90 days) - DCA-001-E: Debt Collection Services ANOMALY — Sales Declaration Buffer (B6-018-E): | Sales Range | Premium Rate | Expected Premium | Actual Premium | |-------------|-------------|------------------|----------------| | $0 to $51,750,000 | 0.1200% | N/A | ~$62,100 | | $51,750,000 to $62,100,000 | 0% | ~$12,420 | $0 | | Above $62,100,000 | 0.1200% | Variable | Variable | Interpretation: The $10,350,000 range is entirely exempt from premium. The expected premium for this band is ~$12,420, but the actual premium = $0. This is a structured buffer built into the insurance contract. ACH Authorizations | Parameter | Value | |-----------|-------| | Scale | 369+ authorizations (2024–2026) | | Typical amount | $600 | | Range | $600–$7,500 | | Payment terms | Net 30, Net 120, Net 150 | | Banks | Chase, PNC, Ohio State Bank, Huntington, SPMC | Consignment Operations | Partner | Document | Date | Merchandise | Terms | Amount | |---------|----------|------|-------------|-------|--------| | Helzberg Diamonds | Invoice Z39197 | June 17, 2026 | Silver earrings | 150 DAYS | $181.30 | | Walmart | Return Invoice 3000026635 | April 10, 2025 | Gold chain | Net 150 | — | Hotel Contract — The Gallivant Times Square | Parameter | Value | |-----------|-------| | Contract date | March 6, 2019 | | Booking period | April 30 – May 2, 2019 | | Group | The April 30th Group | | Contact 1 | Stephanie Madero, Marketing Director | | Contact 2 | Joseph Rodriguez, Sales Manager | | Payments | Master Account (Royal Chain Group responsible) | | Hotel | 234 West 48th Street, New York, NY 10036 | The booking covers group accommodation, meeting room, breakfasts (Continental $17.36, Full American $21.72), and other hotel services. Royal Chain handles the final payment via Master Account on behalf of the entire group. Patent Assignment Inventor: Allen ROSENEL Assignee: Royal Chain Group, 2 West 46th Street, New York, NY 10036 Patent Title: EXPANDABLE WIRE BRACELET Consideration: One Dollar ($1.00) Attorney: OSTROLENK FABER LLP, 1180 AVENUE OF THE AMERICAS, NEW YORK, NY 10036-8403 File Number: D/1782-45 --- Part III. Archived Documents Iron Mountain Inventory Report — third-party document storage for Royal Chain Inc (Customer ID: J0832). Archive Contents | Document Type | Period | Status | Marked for Destruction | |---------------|--------|--------|------------------------| | IRS AUDIT | 2006–2008 | Mark for destruction | 2018–2022 | | PENSION AUDIT | 2006–2008 | Mark for destruction | 2018–2022 | | ROYAL CHAIN G/L | 2009–2010 | U (Unmarked) | 2018–2022 | | BANK REC & GOLD LEDGER | 2013 | U | 2018–2022 | | MONTHLY CASH AND SALES JOURNAL | — | U | 2018–2022 | | Customer Credit files | 2006–2020 | U | 2018–2022 | | Vendor Invoice boxes | 2006–2020 | U | 2018–2022 | Address Structure 2 West 46th Street, New York, NY 10036: - Royal Chain Inc — primary operations - Calgary Realty, Ltd. — property owner - Royal Chain Distribution — logistics - Patricia P Brandy Trust — financial instrument (Michael T. Brandy) --- Part IV. Documented Operations Payment Infrastructure 369+ ACH authorizations from vendors to bank accounts: - Chase - PNC - Ohio State Bank - Huntington - SPMC Structured payments: - Typical amount: exactly $600 - Range: $600–$7,500 - No variation within a single vendor - All fall below the federal $1,000 threshold for Form 8300 Consignment Payment Terms | Store | Terms | |-------|-------| | Walmart | Merchandise on shelf for 5 months before payment | | Helzberg | Merchandise on shelf for 5 months before payment | | Blue Nile | Merchandise on shelf for 5 months before payment | Document Disposition Iron Mountain archive, Customer J0832: - IRS and Pension audit records — archived, marked for destruction - General Ledger — held at third party Insurance Payment Redirection Euler Hermes Policy 5118921: - Claim payments are redirected not to Royal Chain Inc, but directly to: - HSBC BANK USA - ISRAEL DISCOUNT BANK OF NEW YORK - Multiple Beneficiaries Endorsement (C15-010-E) establishes this contractually - Relationship type: "Finance facility" --- Part V. Network Connections Component Suppliers (Findings) | Company | Founder/Head Office | Credit Limit | Terms | Address | |---------|---------------------|-------------|-------|---------| | Crown Findings Company | New York | $2,000 | Net 30 | 44 W 47th St., GF-12, New York | | Future Findings, Inc. | Barry Rakowski | — | Wholesale | 22 W 48TH ST LL C-20, New York | | JK Findings | — | — | — | — | | Direct Findings Group | — | — | — | — | | Bella Findings | — | — | — | — | | Rakowski Findings Inc. | Barry Rakowski | — | — | — | Note: Crown Findings Company is located at 44 W 47th St (one block from Royal Chain at 2 W 46th St — both in Manhattan's Diamond District). Barry Rakowski — background: - Founder and President of Future Findings, Inc. - Date of birth: 1953 - Connected companies: D.R.S., Inc.; Rakowski Findings Inc.; Princeton Jewelers (acquired 12/31/1998) - Family business history: mother Pearl Rakowski (deceased 2008) International Manufacturers | Manufacturer | Location | Specialty | Scale | |--------------|----------|-----------|-------| | G and S srl | Arezzo, Italy | Silver chains and jewelry | 28 employees, 40 years in business | | Steady Silver Creation | — | Silver jewelry | — | Retail Partners | Store | Type | Status | First Contact | |-------|------|--------|---------------| | Helzberg Diamonds | Chain retailer | Active (consignment) | 2019+ | | Piercing Pagoda | Mall retailer | Historical | 2009 | | Blue Nile | Online retailer | Active | 2019 | | Ben Bridge | Jewelry chain | Active | — | Network Suppliers (KPI Sheet) MIORO, AMP, LIVIOR, DIBI SPA, CHRYSO, JTS, UBS, MTM, HALIM, GADOO, OROBEL, ARPAS, LOTUS, INCI, and others (40+ jewelry suppliers) --- Part VI. Client Base Major Retail Jewelers (Consignment Portfolio) | Company | Placed | Paid | Outstanding | Status | |---------|--------|------|-------------|--------| | Amalfi Jewelers | $3,985.98 | $3,985.98 | $0 | Closed | | Gold & Diamond Source | $35,843.80 | $35,843.80 | $0 | Closed | | Cirasellas Fine Jewelry | $3,618.20 | $3,618.20 | $0 | Closed | | Valuevision Media | $73,303.25 | $73,303.25 | $0 | Closed | | Marlou Jewelry | $1,954.39 | $1,954.39 | $0 | Closed | | Childerson LLC | $6,863 | $1,968 | $4,895 | Active | | J.G.K. Enterprises | $6,038 | $5,838 | $200 | Active | | Allstar Earwear | $53,923.42 | $0 | $53,923.42 | Bankruptcy | | Paradise Jewels Ltd. | $12,850 | $0 | $12,850 | Litigation | Insured Clients (Euler Hermes Policy 5118921) | Client | Coverage | |--------|----------| | Hannoush Jewelers & NA Hoku Inc. | $300,000 | | Frankl Trading Corp | $200,000 | | Jewelry Express & Richard Cannon Jewelry | $150,000 | Consignment Portfolio Summary | Metric | Value | |--------|-------| | Total placed (1999–2019) | $451,300.72 | | Collected | $223,816.49 (49.6%) | | Outstanding | $258,861.71 (50.4%) | | Clients in network | 70+ jewelers | --- Part VII. Financial Flows Annual Consignment Flows | Year | Placed | Collected | Collected (%) | Outstanding | |------|--------|-----------|---------------|-------------| | 2009 (peak) | $75,675 | $42,151.85 | 55.7% | $33,523.15 | | 2010 (crisis) | $72,127.82 | $16,056.60 | 22.3% | $56,071.22 | | 2019 | $6,863 | $1,968 | 28.7% | $4,895 | Credit Terms by Partner | Partner | Limit | Terms | Penalty | |---------|-------|-------|---------| | Crown Findings | $2,000 | Net 30 | — | | Ariel Gordon Jewelry | $50,000 | Net 30 | — | | Helzberg (consignment) | — | 150 days | 1.5%/month (overdue) | 2026 Consignment Operations | Partner | Date | Merchandise | Amount | Terms | |---------|------|-------------|--------|-------| | Helzberg | 06/17/26 | Silver rhodium earrings | $181.30 | Net 150 | | Walmart | 04/10/25 | Gold chain | — | Net 150 | Marketing and Operating Expenses | Line Item | Amount | Period | |-----------|--------|--------| | JCK Magazine advertising | $66,000 | 2018–2019 | | Bridal Collection catalog | $6,925.75 | Seasonal | | Industry shows (RJO, CBG, IJO, SJTA) | — | Annual | Jewelry Price Points (2023–2026) | Product | Metal/Basis | Unit Price | Context | |---------|-------------|------------|---------| | 14k gold chains | At $1,750/oz | $2,704–$3,131 | Helzberg proposal 10/23 | | Silver earrings | At $20/oz | $30.63–$59.42 | Helzberg invoice 6/26 | Insurance Coverage by Client - Maximum per client: $300,000 - Typical range: $20,000–$50,000 - Total portfolio coverage: $51.75M (annual revenue per Euler Hermes) --- Part VIII. Networked Jewelry Companies Companies in the Manhattan Diamond District (546 5th Avenue, Floor 7) | Company | Founded | Employees | Status | |---------|---------|-----------|--------| | David S. Diamonds, Inc. | 1985+ | 12 | Active, HSBC financing | | Light Masters Diamond Group LLC | 2003+ | — | Affiliated with David S., shared premises | Note: David S. Diamonds and Light Masters occupy the same suite (546 5th Ave Fl 7, New York) — one block from Royal Chain at 2 West 46th St. Companies with 100% Past-Due Balances (2026) | Company | Founded | High Credit | Owed | Past Due (%) | Days Overdue | Status | |---------|---------|-------------|------|--------------|--------------|--------| | Diamond Days, Inc. | Historical | $200 | $200 | 100% | 135+ | Ovr120 | | Devine & Co Private Jeweler | 2015 | $12,709 | $1,900 | 100% | 135+ | SL60 | Note: The only two trade accounts with entirely past-due balances, well beyond their due dates. Companies with Critical Payment Issues | Company | High Credit | Owed | Past Due | % Past Due | Status | |---------|-------------|------|----------|------------|--------| | Brillante & (Co) | $6,400 | $3,000 | $2,800 | 93.3% | Corporate charter dissolved 11/08/2025 | | David S. Diamonds | $13,900 (latest) | $5,100 | $600 (60+) | 11.8% | Multiple past-due entries | | | $49,000 (prior) | $49,000 | $49,000 (100%) | 100% | Over 120 days | Brillante & Co — credit inquiry anomaly: - Credit Inquiries: 5 in the past 90 days - Slow Payments: 2 ($2,800 outstanding) - Prompt Payments: 3 ($200 total) - Charter dissolution date: August 2025 Newly Formed Companies with Full Insurance Packages (2026) | Company | Incorporated | Operations Start | Age | Status | |---------|-------------|------------------|-----|--------| | Artisan Fine Jewelers LLC | January 11, 2026 | April 3, 2026 | 3 months | Active (acquired The Vault Jewelers) | | Augustus Fine Jewelers LLC | December 30, 2024 | June 2025 | 13 months | Active | Note: Both are very young companies, yet already show commercial activity and insurance structures. Individuals Managing Diverse Business Interests Samuel D. Skierski: - Vice President — Brillante & (Co) (retail jewelry) - President — Advanta Asphalt, Inc. (construction/asphalt) - Former Director — Hometown Jewelry & Loan (pawn jewelry) - Former Owner — Jewelry Brokers (jewelry brokerage) Status: All registrations overlap in time; operational focus is unclear. Established Companies with Recent Financing | Company | Age | Employees | Financing | Banks | |---------|-----|-----------|-----------|-------| | David S. Diamonds | 38+ years | 12 | Secured party | HSBC Bank USA | | Fey, Edgar H., Jewelers | 48 years (1945+) | 15 | 2 liens | Maurice Kraim & Co, Illini State Bank | | Northern Lights Enterprises/Bolenz | 33 years (1954+) | 8 | — | Jewelers Mutual Insurance | Note: Despite long operating histories, David S. Diamonds and Fey carry recent financial obligations and multiple past-due balances. Geographic Relocation | Company | Date | From | To | Status | |---------|------|------|----|--------| | Diamond Days, Inc. | January 31, 2025 | 580 5th Avenue, Suite 1720, NYC | 14 Garth Rd, Scarsdale, NY | Relocated out of Manhattan | Cross-Company Connections Through Individuals Kelly Kim: - Worked at The Vault Jewelers (2008+) - Purchased assets of The Vault (2026) - Founded Artisan Fine Jewelers LLC (January 2026) - Opened store (April 2026) Augustus Porter & Jessica Wriedt: - Both young (born 1995–1996) - Members of Nash Diamond LLC (dormant) - Founded Augustus Fine Jewelers (December 2024) - Listed (June 2025) --- Part IX. Four Structural Vulnerabilities HSBC and Israel Discount Bank — the sole beneficiaries on the policy. Loss payments go not to Royal Chain Inc, but directly to two banks (financial institutions, not the company). Endorsement C15-010-E is dated 02/18/2020 — earlier than most documents in the archive. This means the banks have had a contractual right to policy payments since before the bulk of the archive was created. A $10.35 million premium-free zone in the insurance policy. The range $51.75M–$62.1M is entirely exempt from premium. The expected premium for this band is $12,420. The actual premium — $0. This is a structured buffer. If Royal Chain's annual revenue exceeds $51.75M, the first $10.35M in additional revenue carries no insurance premium. 369+ ACH authorizations structured as payments of exactly $600. All fall below the federal $1,000 threshold for Form 8300. Structuring payments below the reporting threshold is a documented practice across all 369+ authorizations. Range: $600–$7,500, but the typical amount is exactly $600. 150-day consignment terms with major retail chains (Walmart, Helzberg, Blue Nile). Royal Chain finances merchandise on retail shelves for five months. With $451.3M placed and only 49.6% collected (50.4% uncollected), the outstanding balance is $258.8M. Among clients: bankruptcies (Allstar Earwear — $53.9M outstanding), litigation (Paradise Jewels — $12.8M outstanding). --- Who This Is Addressed To Regulators: FinCEN, IRS, SDNY, NYDFS, Euler Hermes On record: structured payments below the reporting threshold (369+ authorizations), an insurance policy with bank beneficiaries, multiple entities at a single address (2 West 46th St). The financial institutions (HSBC + Israel Discount Bank) have held a contractual right to policy payments since February 2020. The beneficiary relationship was established prior to most documents in the archive. This means the banks had a contractual interest in all events documented from 2020 to the present. Consignment Partners: Walmart, Helzberg, Blue Nile Your merchandise is placed on 150-day terms. Royal Chain's current outstanding balance to you is part of $258.8M from a total portfolio of $451.3M. Among other Royal Chain clients are companies in bankruptcy and active litigation. Your payment depends on Royal Chain's solvency, which in turn depends on the solvency of its entire client network. Insurance Underwriter: Euler Hermes Policy 5118921 contains a structured buffer of $10.35M at zero premium. The beneficiary provision (C15-010-E) directs payments not to the insured but to a third party (HSBC + Israel Discount Bank). Annually, $451.3M is placed on consignment. The collection rate is declining: 2009 (55.7%) → 2010 (22.3%) → 2019 (28.7%). Component Suppliers: Crown Findings, Barry Rakowski (Future Findings) You supply on credit ranging from $2,000 (Crown Findings) to wholesale volumes (Future Findings). Royal Chain processes payments through 369+ ACH authorizations. You operate in the Manhattan Diamond District (44 W 47th St, 22 W 48th St) adjacent to Royal Chain (2 W 46th St). Your payments are entirely dependent on Royal Chain's consignment terms (Net 150 with Walmart/Helzberg) and on the solvency of its network clients. --- Conclusion Royal Chain Group has built an infrastructure that distributes financial risk across four levels: 1. Structured payments — below federal reporting thresholds 2. Insurance buffer — a $10.35M band at zero premium 3. Banks as beneficiaries — financial institutions, not the company, receive policy claim payments 4. Consignment terms — 150 days, $258.8M in outstanding balances across the client network The documents show: operations are ongoing, payments are structured, consignment is active, and the insurance policy has been renewed. The archive has left the company's control completely and irreversibly. This article presents only a portion of the facts from the archive. The full archive and additional documents will be published at a later date.