CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
SourcingAug 23, 2018
Report: Nirav Modi Located in the UK
The New York Times reports that India’s Central Bureau of Investigation is seeking extradition of the diamantaire wanted for allegedly cheating a bank out of billions.
A rendering of the exterior of the Nirav Modi boutique in the Wynn Las Vegas, which is now closed along with the wanted diamantaire’s other U.S. stores. Modi has reportedly been located in the United Kingdom and Indian authorities are seeking to bring him home.
New York—Nirav Modi, the Indian jeweler wanted for allegedly cheating a state-run bank out of nearly $2 billion, has been located and Indian authorities are seeking his extradition, The New York Times reports.
The Times published a story Monday quoting a spokesman for India’s Central Bureau of Investigation as saying that Interpol told the CBI that Modi is in the U.K. The bureau is “moving for his extradition,” the spokesman said.
Interpol, the international police organization, has a red notice out on Modi, which is the alert used to signify that an individual needs to be located and arrested pending extradition.
Neither the CBI nor Interpol responded to National Jeweler’s request for an update by press time.
Born into a family of diamond merchants in Antwerp, Modi ventured out on his own, dealing in loose diamonds before expanding into manufacturing jewelry and then launching his own brand.
Eventually, he began opening upscale boutiques around the world stocked with dazzling pieces from his eponymous line, including on Madison Avenue in New York, the Ala Moana Center in Honolulu and the Wynn hotel in Las Vegas.
Modi’s designs also received plenty of red-carpet play. In what was perhaps his brand’s last splashy Hollywood appearance, “The Handmaid’s Tale” star Yvonne Strahovski donned Nirav Modi diamond earrings and ring at the SAG Awards on Jan. 21.
About a week after that red carpet turn, the 47-year-old diamantaire’s empire began to unravel.
On Jan. 29, the CBI registered a case against Modi, his brother Neeshal and his uncle, Gitanjali Gems Managing Director Mehul Choksi, accusing them of colluding with employees of Punjab National Bank to swindle the second-largest state-owned financial institution out of about $1.8 billion.
Both Nirav Modi and Choksi have denied any wrongdoing through their attorneys.
Since the case came to light in January, the CBI has been on the hunt for both Modi and Choksi, with reports placing the former everywhere from Hong Kong to St. Kitts to New York to London.
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’The Times story detailed the frustration in India over fraudulent loans doled out by state-run banks and the government’s inability to bring wrongdoers accused of stealing billions to justice while indigent farmers commit suicide over their inability to pay back just a few hundred dollars.
Along with Modi, there’s Winsome Diamonds’ Jatin Mehta, whom the CBI reportedly charged with bank fraud in June
but who remains out of reach on the island of St. Kitts. The Times also cited the case of Vijay Mallya, aka The King of Good Times, a former member of parliament and airline and liquor magnate who fled to Britain after allegedly cheating Indian banks out of more than $1 billion.
In the diamond industry, the alleged fraud perpetrated on Punjab National Bank put further strain on an industry already struggling with financing and forced four U.S.-based companies to file for bankruptcy: A. Jaffe—which has since been sold—Firestar Diamond, Fantasy Inc. and, most recently, Samuels Jewelers, the 120-store jewelry chain owned by Choksi that filed for Chapter 11 earlier this month.
In the diamond industry, the alleged fraud perpetrated on Punjab National Bank put further strain on an industry already struggling with financing and forced four U.S.-based companies to file for bankruptcy: A. Jaffe—which has since been sold—Firestar Diamond, Fantasy Inc. and, most recently, Samuels Jewelers, the 120-store jewelry chain owned by Choksi that filed for Chapter 11 earlier this month.
More on Sourcing
The Latest
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
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.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
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.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
