Natan Joias: 67 years as Brazil's icon — then a bank lock and gold price finished it

Natan Joias was founded in Rio de Janeiro in 1946 by Natan Kimelblat, a Ukrainian immigrant of Jewish origin. Over more than six decades it became Brazil's most famous jewelry brand, a symbol of status and glamour with 11 stores across seven states. The chain sold fine jewelry including watches, diamonds, and precious gemstones to Brazil's wealthy elite.

By the mid-2000s, Natan was in decline. The Brazilian economy had weathered multiple crises, rising gold prices squeezed margins on finished jewelry, and security concerns in Brazil's cities reduced demand for visible luxury accessories. The company took on bank loans to stay afloat, accumulating about R$14.5 million in debt.

In 2012, Natan's banks froze its accounts in a 'trava bancária' (bank lock), preventing the company from accessing its own working capital. Without cash to pay suppliers or staff, Natan filed for judicial recovery (recuperação judicial) on June 4, 2012. The court granted the filing and ordered banks to release the frozen funds, but the damage was done. By early 2013, Natan had closed all but two stores.

On April 30, 2013, Judge Fernando Cesar Ferreira Viana of the 7th Business Court of Rio de Janeiro declared Natan Joias bankrupt. The empire Natan Kimelblat had built over 67 years was liquidated. A provisional manager was appointed to sell the remaining inventory and dispose of the brand name.