TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
MajorsApr 12, 2018
Examiner to Take a Closer Look at A. Jaffe, Firestar Case
The independent party is being appointed to examine the role, if any, Nirav Modi plays or has played in the companies’ Chapter 11 bankruptcy.
New York--A court-appointed examiner is expected to take a closer look at Nirav Modi’s ties to the U.S. companies he owns that are now in bankruptcy.
William K. Harrington, the U.S. trustee overseeing the bankruptcy case of A. Jaffe Inc., Firestar Diamond Inc. and Fantasy Inc., filed a memorandum requesting the appointment of an examiner to “provide … transparency and clarity as to the role, if any, Modi plays or has played with respect to these Chapter 11 cases,” court papers state.
Specifically, the independent party would investigate the relationship between the companies and any entity under the direct or indirect control of Modi to determine: whether and to what extent Modi or any of his entities have the ability to direct or influence the conduct, decisions or actions of A. Jaffe, Firestar and Fantasy in the Chapter 11 case; whether any current company executives “actively and knowingly participated in fraud or dishonesty;” and whether any claims or causes of actions in favor of the debtors might arise from any alleged fraud, court papers state.
A. Jaffe and Firestar Diamond/Fantasy filed for Chapter 11 bankruptcy protection in February in order to distance themselves from Modi and reorganize their businesses given that their main source of supply, Modi’s factories in India, has been cut off.
In the filing, the companies denied any involvement in Modi’s fraud in India, stating that they were working “tirelessly” to “reassure their vendors and customers that they had no involvement in the alleged wrongful conduct.”
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’Modi is the Indian diamantaire who is accused of cheating the state-owned Punjab National Bank out of nearly $2 billion, an allegation he has denied.
Modi left India shortly before news of his alleged fraud broke in January and Indian officials have been on the hunt for him since. This week, the Times of India reported that the billionaire is believed to be hiding in Hong Kong but authorities there have not given India’s Ministry of External Affairs any information about his exact whereabouts.
Harrington filed the request for appointment of an examiner on March 30.
Ian Winters, the attorney representing A. Jaffe, Firestar and Fantasy, said Wednesday that his clients have no objection to the appointment.
The judge is expected to enter the order for appointment Thursday. After that, the trustee will interview candidates and
select an individual for the position.
Winters said he does not expect the involvement of the examiner to impact the sale or the timing of the sale.
The current timeline for the sale or sales of A. Jaffe and Firestar Diamond/Fantasy Inc. calls for it to close by mid-May.
Winters said he does not expect the involvement of the examiner to impact the sale or the timing of the sale.
The current timeline for the sale or sales of A. Jaffe and Firestar Diamond/Fantasy Inc. calls for it to close by mid-May.
More on Majors
The Latest
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
