Estimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
Judge Approves Sale of A. Jaffe to Paramount Jewels
Paramount paid $5.2 million for the diamond jewelry company’s name, intellectual property, design patents, accounts receivable and some inventory.
New York—A federal bankruptcy judge gave the OK Wednesday for Paramount Jewels to buy A. Jaffe, the latter’s CEO Sumay Bhansali confirmed to National Jeweler.
Following the sale, the New York-based diamond jewelry company will operate as its own entity, independent of Paramount Jewels.
Bhansali will stay on board as CEO, with Sam Sandberg as chairman, and the company will retain its employees.
Paramount Jewels is a subsidiary of Parag Diamonds (d/b/a Paramount Gems), the company that won the first auction of A. Jaffe’s assets held in May, agreeing to pay $8 million for the diamond jewelry brand. That sale was halted by the judge and ultimately withdrawn.
This time around, Paramount Jewels bid $5.2 million for A. Jaffe’s name, intellectual property, design patents, accounts receivable and a portion of its inventory, with an additional $1.2 million in inventory sold off separately to Jewelex Diamonds, GBC, Diamonds International and Amipi Inc.
Additional non-core assets of A. Jaffe are set to be sold at a later date.
A. Jaffe was one of three U.S.-based companies that were part of the empire of Nirav Modi, the billionaire diamantaire wanted for allegedly cheating Punjab National Bank out of nearly $2 billion.
The companies filed for Chapter 11 bankruptcy protection earlier this year in order to distance themselves from Modi and because their source of supply—Modi’s factories in India—shut down in the wake of the scandal.
The Latest
These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
The highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
Recent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
The competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
The high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
A federal judge gave Benjamin Preacher 59 days in jail, plus 10 months of home confinement and two years of supervised release.
In a CNBC interview, CEO Tehmasp Printer discussed the IPO in India and what declining lab-grown diamond prices mean for the company.
The offering included vintage Rolexes, timepieces worn in “Titanic,” Steve McQueen's watch, and a special Citizen pocket watch.
The 13-piece “Stephanie Gottlieb x Studs” collection is the piercing studio’s first fine jewelry offering to feature the gemstone.
The Brazilian jewelry brand made a home on New York City’s Madison Avenue with exclusive pieces only available at the location.
An Adobe Analytics report explored the rise in mobile shopping, the popularity of Buy Now Pay Later options, and peak shopping hours.
The inaugural Dick Greenwood Memorial Scholarship in Gems Science will cover the fall 2025 and spring 2026 semesters.
A Piazza Italia pavilion will feature Italian designers and manufacturers while “MJSA Showcase” brings over a piece of the MJSA Expo.
“Ray Griffiths: The Works” tells the story of the master jeweler’s career, which started with an apprenticeship in Australia at age 15.
The retailer has been upping its marketing spend to drive revenue growth and brand awareness.
Mike Straub and John Treiber opened Treiber & Straub in 1980 with the goal of bringing Milwaukeeans the best jewelry brands.
The color for 2025, “Mocha Mousse,” embodies thoughtful indulgences and everyday pleasures.
The Yoruba word for ant, “Kokoro” embodies the strength of womanhood in ant society while highlighting responsible sourcing.
The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
The jewelry retailer addressed the lab-grown diamond “disruption,” the price of gold, and its holiday weekend performance.
A more positive view of the current labor market boosted the Conference Board’s index last month.
The director of the Swiss Gemmological Institute (SSEF) will be honored for his impact on gemology and dedication to advancing the science.
Sponsored by 2025 AGTA GemFair Tucson