Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsIn a 6-3 ruling, the court said the president exceeded his authority when imposing sweeping tariffs under IEEPA.
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 The sale was withdrawn without prejudice, meaning it could be refiled at any time.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counsel was unable to meet the obligations required by the bankruptcy court and that’s why the motion for the sale was withdrawn, he said, though he declined to elaborate further.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.
More on Majors
The Latest
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
CollectionsFeb 20, 2026
Boucheron’s ‘Faisceaux’ Brooch Heads to V&A MuseumThe brooch, our Piece of the Week, shows the chromatic spectrum through a holographic coating on rock crystal.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
IndependentsFeb 19, 2026
Bailey’s Fine Jewelry Co-Founder ‘Mama Ann’ Bailey Dies at 100Raised in an orphanage, Bailey was 18 when she met her husband, Clyde. They opened their North Carolina jewelry store in 1948.
Weekly QuizFeb 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 19, 2026
Material Good Opens Third Location Material Good is celebrating its 10th anniversary as it opens its new store in the Back Bay neighborhood of Boston.
Events & AwardsFeb 19, 2026
The Original Miami Beach Antique Show Returns in MarchThe show will be held March 26-30 at the Miami Beach Convention Center.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
AuctionsFeb 18, 2026
Joanna Carson’s Jewels Head to AuctionThe estate of the model, philanthropist, and ex-wife of Johnny Carson has signed statement jewels up for sale at John Moran Auctioneers.
PodcastsFeb 18, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
Policies & IssuesFeb 18, 2026
Community for Ethical Jewelry Looks for Executive DirectorThe organization is seeking a new executive director to lead it into its next phase of strategic growth and industry influence.
Events & AwardsFeb 18, 2026
DCA to Host Gemstone Selling Education Session at IJO EventThe nonprofit will present a live, two-hour introductory course on building confidence when selling colored gemstones.
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
SourcingFeb 17, 2026
Colored Gemstone Experts Talk Tariffs, Trends in TucsonAlthough the market is robust, tariffs and precious metal prices are impacting the industry, Stuart Robertson and Brecken Branstrator said.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
