‘Pandora Papers’ Contain a Few Names Familiar to the Industry
The papers involve millions of documents leaked to a consortium of journalists that shed light on the complex world of offshore banking.
Called the largest investigation in journalism history, the Pandora Papers involve nearly 12 million documents leaked to the International Consortium of Investigative Journalists that shed light on the complex world of offshore banking and the rich and powerful people who benefit from it.
While offshore banking and tax havens are not illegal, the ICIJ notes, they can attract illegal activity—like money laundering and tax evasion—and obscure the vast wealth of many world leaders, some of whom head countries that are among the world’s poorest.
The jewelry industry figures who have surfaced in reports stemming from the Pandora Papers so far include Purvi Modi, sister of diamantaire Nirav Modi, who is still fighting extradition to India to face fraud charges.
According to The Indian Express, one of the 150 media outlets involved in the investigation, Purvi set up a corporate trust in the British Virgin Islands in December 2017, a month before Nirav fled India and the banking scandal erupted.
She and another brother, Neeshal Modi, also are the beneficial owners of three BVI firms that Nirav allegedly used to launder money, the newspaper reported.
In a statement to the Express, Purvi’s attorneys denied any wrongdoing on their client’s part.
According to The Times of Israel, diamantaire Beny Steinmetz also appears in the papers, which claim his children transferred about $1 billion to a fund in the Cook Islands at the “height of legal proceedings against him.”
The reason given for the transfer was that the family was displeased with how the fund was performing. Steinmetz did not comment on the transfer.
Denis Sassou-Nguesso, who has been president of the Republic of Congo for nearly four decades, is among the so-called Power Players included in the ICIJ’s reporting on its own website.
ICIJ contends a complex corporate structure was created to conceal Sassou-Nguesso’s ownership of the company that controls the country’s diamond mines.
ZimLive reported that Rushwaya set up a shell company in the Seychelles called Greatgem Corp. around the time Zimbabwe’s defense forces were working with Chinese company Anjin to mine diamonds in the troubled Marange region. Rushwaya declined to comment, ZimLive said.
More than 600 journalists from 150 news outlets worked on investigations surrounding the leak of the Pandora Papers over the course of two years.
The project follows other ICIJ investigations that have exposed how the world’s rich and powerful are able to hide assets and, sometimes, avoid paying taxes or launder money.
“The ability to hide money has a direct impact on your life,” Lakshmi Kumar, Global Financial Integrity policy director, said in a video accompanying the release of the Pandora Papers. “It affects your child’s access to education, access to health, access to a home.”
This is not the first time a massive ICIJ investigation has included well-known figures in the jewelry industry.
The 2020 “Luanda Leaks” linked luxury brand De Grisogono to money laundering in Angola. The company filed for bankruptcy shortly after the report came out.
ICIJ said the Pandora Papers resulted from the biggest leak in its history, with 14 offshore service providers and law firms providing 2.94 terabytes of confidential information.
In an interview with Marketplace on Monday, journalist Dominic Rushe put the scope of the data leak into context, telling host Amy Scott that 2.94 terabytes is the equivalent of streaming Netflix in HD around the clock for 41 days.
For more on the Pandora Papers and to keep up with the various stories developing from the investigation, visit the ICIJ website.
The Latest

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.


The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

Sapphire’s variety of colors make it the perfect birthstone for September.

The retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

The collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

CEO Efraim Grinberg noted a resurgence in the fashion watch market.

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Sponsored by Clientbook

It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

Former Free People buyer Afton Robertson-Kanne recently joined the retailer.

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.

The singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.

Dubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.