EditorsMay 27, 2021
Netflix Charts the Rise and Fall of ‘Bad Boy Billionaire’ Nirav ModiMajorsOct 06, 2021
‘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.
The first reports from the “Pandora Papers,” a leak of nearly 12 million documents that give insight into the world of offshore banking, came out on Sunday. ICIJ called the leak Pandora because “we think we’re opening a box on a lot of things,” ICIJ Director Gerard Ryle said.
New York—A handful of individuals connected to the diamond and jewelry industries are among those mentioned in the initial stories to emerge following the release of the “Pandora Papers” on Sunday.
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.
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.
Editors' Picks
Sponsored by
Another African politician with diamond industry ties, former Zimbabwe Defense Secretary Martin Rushwaya, also appears in the papers.
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.
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.
More on Majors
The Latest
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft RecoveredThe two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More JewelryThe time to start experimenting with video content is now, writes columnist Emmanuel Raheb.
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic DesignFrom striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid TurnaroundThe jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.
WatchesMar 24, 2025
Sotheby's Now Offers Watch Repair ServicesThe auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.
FinancialsMar 21, 2025
Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024The company also noted record sales in the United States and a strong performance in its jewelry category.
