Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
MajorsMar 30, 2018
Bankruptcy Court OKs A. Jaffe, Firestar Sale
The approval came despite the objection of Punjab National Bank, which claimed the sale process is rushed and that questions remain.
New York--A U.S. bankruptcy court has approved the expedited sale of
A. Jaffe and Firestar Diamond/Fantasy Inc., the U.S. companies owned by Nirav Modi, the diamantaire accused of bilking an Indian bank out of billions.
The ruling was made Wednesday at a hearing held in in New York, and came despite the protests of Punjab National Bank (PNB).
PNB, the state-owned bank Modi allegedly cheated, filed an objection to the sale early Wednesday morning before the hearing, calling the sale process “extraordinarily expedited” and “highly aggressive.”
The bank gave a list of reasons why the sale should be halted or, at the very least, pushed back a month.
PNB said it hasn’t been given the information it needs to help it determine if any of the companies’ assets were purchased using funds fraudulently obtained from the bank, and also stated in its filing that “enormous unanswered questions about the involvement of debtors and their management in the Modi fraud” remain.
“It is imperative that the sale process slow down,” PNB said in its objection, noting that a deceleration would encourage more and better bids while giving the bank more time to obtain information and “better understand the connections, if any, between the debtors and the Modi fraud.”
“I don’t know what happened overseas,” Ian Winters, the attorney representing A. Jaffe and Firestar/Fantasy, said Thursday when asked about PNB’s objection.
“I think the debtors have been clear from day one that they were not involved in what happened overseas. If PNB believes they have claims, they are entitled to pursue whatever investigative actions they choose.”
He added: “We can’t control what PNB alleges. They put whatever they want to put in their [objection]. At the end of the day, the judge considered their papers, and considered what they had put in their papers, and the judge granted our request.”
The attorneys representing PNB did not respond to requests for comment on the ruling.
Winters said they have been trying to sell the companies since the Chapter 11 filing, and currently have 25 potential purchasers that have signed non-disclosure agreements.
The companies are being sold via sealed bids, with the deadline for the bids set for April 27, and the sale to be finalized by May 15.
Winters said the companies can be sold separately—Firestar with Fantasy Inc. and A. Jaffe with its division, FFJ—or together.
The ruling was made Wednesday at a hearing held in in New York, and came despite the protests of Punjab National Bank (PNB).
PNB, the state-owned bank Modi allegedly cheated, filed an objection to the sale early Wednesday morning before the hearing, calling the sale process “extraordinarily expedited” and “highly aggressive.”
The bank gave a list of reasons why the sale should be halted or, at the very least, pushed back a month.
PNB said it hasn’t been given the information it needs to help it determine if any of the companies’ assets were purchased using funds fraudulently obtained from the bank, and also stated in its filing that “enormous unanswered questions about the involvement of debtors and their management in the Modi fraud” remain.
“It is imperative that the sale process slow down,” PNB said in its objection, noting that a deceleration would encourage more and better bids while giving the bank more time to obtain information and “better understand the connections, if any, between the debtors and the Modi fraud.”
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’In its order approving the sale, the court did not address or mention any of PNB’s concerns, stating only that A. Jaffe and Firestar have provided “good and sufficient notice” of the sale to all parties interested and have engaged in a process to solicit the “highest and best” offers for the companies’ assets.
“I don’t know what happened overseas,” Ian Winters, the attorney representing A. Jaffe and Firestar/Fantasy, said Thursday when asked about PNB’s objection.
“I think the debtors have been clear from day one that they were not involved in what happened overseas. If PNB believes they have claims, they are entitled to pursue whatever investigative actions they choose.”
He added: “We can’t control what PNB alleges. They put whatever they want to put in their [objection]. At the end of the day, the judge considered their papers, and considered what they had put in their papers, and the judge granted our request.”
The attorneys representing PNB did not respond to requests for comment on the ruling.
RELATED CONTENT: The Nirav Modi Case: What Else We Learned This WeekA. Jaffe Inc. and Firestar Diamond Inc./Fantasy Inc. filed for Chapter 11 bankruptcy protection on Feb. 26.
Winters said they have been trying to sell the companies since the Chapter 11 filing, and currently have 25 potential purchasers that have signed non-disclosure agreements.
The companies are being sold via sealed bids, with the deadline for the bids set for April 27, and the sale to be finalized by May 15.
Winters said the companies can be sold separately—Firestar with Fantasy Inc. and A. Jaffe with its division, FFJ—or together.
More on Majors
The Latest
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
