Nehal Modi Sentenced to 3-9 Years in Grand Larceny Case
He was convicted last month after falsely claiming he had a deal with Costco in order to obtain millions in diamonds from LLD Diamonds USA.

Modi, 43, was the CEO of Gitanjali Gems-owned Samuels Jewelers, which filed for bankruptcy and ultimately ended up closing all of its stores in 2019 in the wake of the $2 billion banking scandal in India allegedly involving Modi’s uncle, Gitanjali Chairman Mehul Choksi, as well as his brother, Nirav Modi, among others.
The case brought against Nehal Modi in New York involved $2.6 million of diamonds he obtained from LLD Diamonds USA LLC, also known as Lev Leviev Diamonds, over a six-month period in 2015.
According to the Manhattan D.A., Modi first approached LLD Diamonds in March 2015 and obtained about $800,000 in diamonds from the wholesaler by falsely claiming he had a contract with Costco Wholesale Corp., which Modi said had agreed to purchase diamonds from LLD.
LLD allowed him to purchase the diamonds on credit but instead of selling them to Costco, Modi pawned them at Modell Collateral Loans Inc., pocketing $450,000 for personal gain.
In April and May 2015, Modi went back to LLD Diamonds three more times and obtained an additional $1 million-plus in diamonds that he allegedly was going to sell to Costco but instead pawned or sold for a discount.
He did make payments but used most of the proceeds from the diamond sales for his own personal use and other business expenses, according to the D.A.’s office.
Modi returned to LLD Diamonds again in August 2015. By this time, his debt totaled almost $1 million.
LLD allowed Modi to take more diamonds but on consignment this time and under the condition that Modi could not sell these diamonds without LLD’s authorization.
The company also asked for partial payment upfront.
Modi, however, already had a plan in place to sell the diamonds to Modell Collateral Loans, said the D.A., and sold most of them to Modell for $300,000 on the same day he picked them up from LLD. He sold the rest to various retailers at a discount.
LLD eventually discovered the fraud and reported it to the Manhattan D.A.’s office, which handed the case to a team of investigators including Detective Joseph Metsopulos from the New York Police Department’s Major Case Squad, who received the John J. Kennedy Award for law enforcement excellence at AGS Conclave this year.
A jury convicted Nehal Modi of one count of grand larceny in the first degree, a Class B felony in the state of New York, on July 7.
He was sentenced on July 29 and is currently in custody.
His attorney, New York-based Roger J. Bernstein, told National Jeweler on Monday that he plans to file an appeal but declined any further comment on the case.
Editor’s note: This story was updated post-publication to add a comment from Nehal Modi’s attorney.
The Latest

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

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

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.


While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

As demand for custom jewelry grows, the company is expanding its services to support retailers.

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The organization elected its youngest vice president as it looks to draw in fresh talent.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

Sponsored by The INSTORE Jewelry Show 2025

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.