AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
MajorsJul 16, 2018
Paramount Jewels To Buy A. Jaffe for $5.2M
Paramount Jewels is an affiliate of Paramount Gems/Parag Diamonds, the company that tried to buy A. Jaffe earlier this year.
New York-based jewelry company A. Jaffe, a maker of diamond engagement rings and the diamond-set map jewelry seen here, is set to be sold to Paramount Jewels LLC for $5.2 million.
New York—Paramount Jewels LLC has placed the winning bid for A. Jaffe, the Nirav Modi-owned company that filed for bankruptcy earlier this year.
In a deal finalized late Friday, Paramount Jewels, an affiliate of Paramount Gems and Parag Diamonds Inc., agreed to buy the diamond jewelry company’s brand and business for $5.2 million.
This includes all of A. Jaffe’s core assets: its name, intellectual property, design patents, accounts receivable and inventory; all the assets, the companies said in a statement, that are “needed for A. Jaffe to continue as the successful brand that it is recognized as in the industry and to consumers.”
Jewelex Diamonds, GBC, Diamonds International and Amipi Inc. bought some non-core assets, including inventory, for a total of $1.2 million. Additional non-core assets will be sold at a later date.
According to a statement from the companies, A. Jaffe employees will stay on, with Sumay Bhansali as CEO and Sam Sandberg as chairman, and the company will operate as its own entity independent of Paramount Jewels.
Parag Jain, manager of Paramount Gems/Parag Diamonds, said A. Jaffe has always been, “a leader and a pioneer in the jewelry industry” and his company is not looking to change that.
“There will be no restructuring,” he said. “A. Jaffe will continue to operate with the utmost quality, customer service and its outstanding product offering. The company will be stronger than ever.”
The $5.2 million purchase price is about $3 million less than what Paramount Gems/Parag agreed to pay for A. Jaffe when the first auction for the company was conducted in May, though that sale included additional assets and inventory that were sold off separately this time. The May sale was halted by the judge and ultimately withdrawn by A. Jaffe’s attorney.
A motion has been filed with U.S. Bankruptcy Court in New York City to approve the sale. It is scheduled to be heard July 25.
A. Jaffe filed for Chapter 11 bankruptcy protection in New York in February shortly after news broke that Modi, who ultimately owns the company, was wanted for bilking state-run Punjab National Bank out of nearly $2 billion.
Filing along with A. Jaffe were the two other U.S.-based companies connected to Modi, Firestar Diamond Inc. and Fantasy Inc.; the companies went Chapter 11 in order to distance themselves from Modi and the scandal erupting in India and because their source of supply—Modi’s factories
in India—shut down in the wake of the scandal.
The inventory of both Firestar and Fantasy remain up for sale, with Unique Designs filing the highest bid for the latter’s inventory so far, court papers show.
In April, the bankruptcy court appointed an independent examiner to investigate Modi’s ties to all three companies—A. Jaffe, Firestar and Fantasy—and whether any employees in the United States were involved.
That investigation continues, though court papers show that as part of the sale, Paramount Jewels is distancing itself from any issues that might arise from the examiner’s findings.
The proposed sale order filed Friday states: “This order shall not transfer any claims or causes of action to the purchaser against (1) the debtors’ employees, affiliates, direct or in direct interest holders, or insiders … that the examiner determines in his report to have likely participated in the alleged fraud involving Nirav Modi and certain persons or entities affiliated with Nirav Modi that is being investigated by the examiner … and (2) any other person or entity that examiner determines in his report to have likely participated in the alleged Modi fraud or acted in bad faith in its dealings with the debtors.”
Editor’s note: This story was updated post-publication to include the purchase price for the non-core assets ($1.2 million) and to provide clarity on what the $5.2 million paid for A. Jaffe includes.
The inventory of both Firestar and Fantasy remain up for sale, with Unique Designs filing the highest bid for the latter’s inventory so far, court papers show.
In April, the bankruptcy court appointed an independent examiner to investigate Modi’s ties to all three companies—A. Jaffe, Firestar and Fantasy—and whether any employees in the United States were involved.
That investigation continues, though court papers show that as part of the sale, Paramount Jewels is distancing itself from any issues that might arise from the examiner’s findings.
The proposed sale order filed Friday states: “This order shall not transfer any claims or causes of action to the purchaser against (1) the debtors’ employees, affiliates, direct or in direct interest holders, or insiders … that the examiner determines in his report to have likely participated in the alleged fraud involving Nirav Modi and certain persons or entities affiliated with Nirav Modi that is being investigated by the examiner … and (2) any other person or entity that examiner determines in his report to have likely participated in the alleged Modi fraud or acted in bad faith in its dealings with the debtors.”
Editor’s note: This story was updated post-publication to include the purchase price for the non-core assets ($1.2 million) and to provide clarity on what the $5.2 million paid for A. Jaffe includes.
More on Majors
The Latest
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Weekly QuizDec 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
IndependentsDec 11, 2025
Look Inside Day’s Jewelers’ Ninth StoreThe 111-year-old retailer celebrated the opening of its new location in Salem, New Hampshire, which is its third store in the state.
MajorsDec 11, 2025
Americas Gold Releases New Gold Chain CatalogThe new catalog features its most popular chains as well as new styles.
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
