The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
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 The sale was withdrawn without prejudice, meaning it could be refiled at any time.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counsel was unable to meet the obligations required by the bankruptcy court and that’s why the motion for the sale was withdrawn, he said, though he declined to elaborate further.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On Friday, the day before the sale motion was withdrawn, Mihir Bhansali, who had once been the CEO of all three companies, resigned.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
“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
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.