Nov. 30 2017 -- A rep for Ivanka's brand adds the licensing deal with Madison Avenue Diamonds was terminated by the Ivanka Trump brand last december.

3:39 PM PT -- A spokesperson for the Ivanka Trump brand tells TMZ, "Madison Avenue Diamonds is owned by a separate party and was a typical licensing deal. This matter involving an independent third party has absolutely nothing to do with the Ivanka Trump brand. In fact, the defendant in question owes the brand a significant amount of money."

Ivanka Trump's jewelry company is being sued for skipping out on its bills.

Raselli Franco, an Italian jeweler who manufactures and sells fine jewelry to retailers, claims he sold Ivanka Trump Fine Jewelry $56,833 in bling. Ivanka's company agreed to pay in 4 installments, but he says they have not paid $21,222.

Franco says he gave Ivanka's company an extension to pay the bill but got zilch.

Ivanka's company began paying a year ago but missed several payment deadlines.

We reached out to Ivanka's rep ... so far no word back.