A company linked to bankrupt mining magnate "Diamond" Joe Gutnick is paying his wife, Stera Gutnick, $285,000 a year to work "a few hours a day" as a trainee jewellery designer, while her husband earns just $45,000 a year to work full time.

Details of the remarkable pay arrangement came to light during Federal Court examination by Joseph Gutnick's bankruptcy trustees on Monday.

Joe Gutnick's statement of affairs shows he owes his creditors $275 million. Credit:Nicolas Walker

Mr Gutnick was chairman and chief executive of Merlin Diamonds before his bankruptcy.

Mrs Gutnick told the court she reported to her husband, who worked longer hours in the company. She said her primary duties as a $285,000 a year executive were "studying jewellery design" and "accompanying my husband to events".