Majors

‘Pandora Papers’ Contain a Few Names Familiar to the Industry

MajorsOct 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. 
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. 

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

 Related stories will be right here … 
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Stock image of police cars with their lights on
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Bliss Lau Bright Ring
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ Ring

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

GIA pearl report
GradingMay 23, 2025
GIA Updates Pearl Classification System

The lab has adjusted the scale it uses for nacre grading.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

GCALbySarine Diamond Journey Certificate_1872x1052.jpg
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the Spotlight

Sponsored by GCAL by Sarine

Weekly QuizMay 22, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
The late West Virginia jeweler David Ettinger
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO Show

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

Watches of Switzerland store in Mall of America
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14%

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Jorge Adeler, Wendy Adeler, Valentina Adeler
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 Years

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

Jose Hess Design Awards 2025 Trophy
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce Judges

The nonprofit elected five judges who will decide the winners of its design competition.

Bulgari Invisible Violet Necklace and Rainbow Flow Necklace
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ Collection

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.

Industry analyst Edahn Golan
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List

In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.

Gem Legacy logo
SourcingMay 21, 2025
Gem Legacy Expands Advisory Council

The nonprofit focused on mining communities in East Africa has added three new members to its advisory council.

Annie Doresca
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, President

Current Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.

QVC Group logo
FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from Nasdaq

The company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.

National Jeweler columnist Peter Smith
ColumnistsMay 20, 2025
Peter Smith: Leading Through Change

Communicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.

Luis Morais Miami Beach Flagship Interior
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 Years

The “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.

Exterior of Tanishq Santa Clara Storefront
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. Store

Tanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.

New Cartier store at Los Angeles airport
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024

Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.

Instappraise and NAJA logos
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025

Two scholarships are available, one for new and non-members and another for NAJA certified members.

Day’s Jeweler’s Tuscan Village Location Painting
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth Location

The retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.

Gemfields emeralds, rubies, sapphires
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern World

Sapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”

Saks on Amazon flagship window
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online Storefront

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Graphic for My Next Question webinar with guest Peter Smith
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not Dead

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

Tejen Candy Bowl Torque Necklace
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque Necklace

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

1 Camilla Dietz Bergeron.jpg
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch Show

Sponsored by the Las Vegas Antique Jewelry and Watch Show

The Mediterranean Blue diamond
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’s

A private American collector purchased the 10-carat fancy vivid blue diamond.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy