Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
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
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in ZambiaThe miner announced plans to recommence open-pit mining at Kagem.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsThe company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest AuctionIts commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
