Diamond manufacturer and producer Lazare Kaplan International and three other diamond companies are suing several insurance companies for $140 million in diamond losses, IDEX Online reported.

Lazare Kaplan, Pinnacle Ltd, Serenity 2 Ltd and Lazare Kaplan Belgium NV claim that $94 million in diamonds delivered to Gulfdiam were never paid for, some $60 million in diamonds sent by Gulfdiam to Gemport were never paid for and another $34 million in diamonds that went to AD Middle East FZE and Overseas Hong Kong Ltd were “lost.”

The four filled suit against Swiss RE International Se, certain underwriters at Lloyd's, the Marine Insurance Company Limited and GE Specialty Insurance (UK) Limited in a New York court, claiming that the insurers refuse to pay for the losses.

According to court documents, the diamond producers claims that Gulfdiam does not know the current whereabouts of some of the diamonds, and that the remainder of the goods were allegedly destroyed or damaged in “the cutting and polishing operations in the Namibia manufacturing facility, Rough Diamond Trading China operations, and the DTC Sight operations."

The lawsuit says that the insurers refused coverage, despite contracts that cover up to $10 million per loss.