TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
MajorsMay 23, 2018
The A. Jaffe Sale Is Off, For Now
In other news involving the companies connected to Nirav Modi, CEO Mihir Bhansali has resigned and Fantasy Diamond is looking to sever ties with Firestar.
New York--The sale of A. Jaffe, one of the three U.S. companies owned by Nirav Modi, is off, at least for now.
Court filings show that Ian Winters, the attorney for A. Jaffe, Firestar Diamonds and Fantasy Inc., withdrew the sale motion May 19. The sale was withdrawn without prejudice, meaning it could be refiled at any time.
The withdrawal came less than a week after a federal bankruptcy judge put the brakes on Parag Diamonds’ $8 million purchase of A. Jaffe, saying he needed more information about A. Jaffe’s connection to Modi, the billionaire diamantaire wanted in India for allegedly cheating state-run Punjab National Bank out of nearly $2 billion.
Winters did not respond to requests for comment Tuesday, and a spokeswoman for A. Jaffe said the company has no comment on the court proceedings at this time.
The only individual connected to the A. Jaffe sale to offer comment was Parag Diamonds owner Parag Jain, who said Wednesday morning that his company, which does business as Paramount Gems, did not back out of the bid. Debtors’ counsel was unable to meet the obligations required by the bankruptcy court and that’s why the motion for the sale was withdrawn, he said, though he declined to elaborate further.
A. Jaffe, Firestar and Fantasy filed for Chapter 11 bankruptcy protection in New York on Feb. 26, shortly after news of Modi’s alleged fraud broke overseas and the Indian government began seizing his assets and shutting down his factories.
They have since worked to distance themselves from Modi and his allegedly fraudulent activities—A. Jaffe said in its first statement in the case that “its core team here in the United States want to assure partners and customers that A. Jaffe is not in any way involved with any of the alleged conduct that is the subject of the accusations”—all the while assuring customers that they are committed to them despite the loss of back office support and supply from overseas.
All three companies were offered for sale in an auction held May 3 in New York. A. Jaffe was the only one to find a buyer while Firestar and Fantasy remained up for sale.
On Friday, the day before the sale motion was withdrawn, Mihir Bhansali, who had once been the CEO of all three companies, resigned.
Then, on Monday, Fantasy Diamond Corp. filed a motion Monday asking
the court to allow it to sever the license agreement that currently binds it to Firestar Diamond and, ultimately, Nirav Modi, citing the inability to find a buyer for the two companies and concerns about the long-term value of its intellectual property.
“Fantasy Diamond had been advised by the debtors that although debtors continue to attempt to market the Firestar/Fantasy assets, either in whole or as pieces, the fraudulent activity”—meaning Modi’s alleged defrauding of Punjab National Bank—“for which the examiner appointed in this case has been charged with investigating has effectively chilled, if not frozen, interest in the Firestar/Fantasy assets,” court papers state.
A hearing on Fantasy’s motion is set for June 7.
“Fantasy Diamond had been advised by the debtors that although debtors continue to attempt to market the Firestar/Fantasy assets, either in whole or as pieces, the fraudulent activity”—meaning Modi’s alleged defrauding of Punjab National Bank—“for which the examiner appointed in this case has been charged with investigating has effectively chilled, if not frozen, interest in the Firestar/Fantasy assets,” court papers state.
RELATED CONTENT: Examiner to Take a Closer Look at A. Jaffe, Firestar CaseFantasy also noted Bhansali’s departure in its motion: “The debtors’ business operations appear to be in some distress currently as, on information and belief, Mr. Bhansali has resigned and key employees have left the debtors’ employ.”
A hearing on Fantasy’s motion is set for June 7.
The Latest
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
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.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
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.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
