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SourcingSep 10, 2018
Inventory, IP Up for Grabs in Firestar, Fantasy Liquidation
Millions in inventory and intellectual property from the diamond companies formerly owned by Nirav Modi will be sold at auction later this month.
This composite diamond ring is one of the many pieces of jewelry up for grabs in the auctions liquidating the inventory and intellectual property of Firestar Diamond and Fantasy Inc. (Photo courtesy of Firestar Diamond Inc.)
New York—Later this month, the trustee in charge of the companies once owned by Nirav Modi will auction millions in inventory and intellectual property from Firestar Diamond Inc. and Fantasy Inc.
According to a notice sent out Sept. 5 by Richard Levin, the trustee in the companies’ Chapter 11 bankruptcy case, the auction consists of more than $15 million in platinum, 18-karat and 14-karat gold diamond engagement and bridal rings; diamond studs in “medium and commercial qualities” set in 10-karat, 14-karat and 18-karat gold; fashion jewelry; and more than $1 million in loose diamonds.
The sale also includes a dozen lots of intellectual property, including the trademark and web domains for the phrase “Diamonds Are a Girl’s Best Friend” in the United States, EU and Canada; the trademark and web domain for “Faith is Forever” in the U.S.; and the trademark for “Diamond Hub” in the U.S., an Amazon storefront that generated $366,000 in sales between March 2017 and February 2018.
There are a handful of patented diamond cuts up for grabs as well, including the “Patriot Star” and “The Opulent Diamond.”
A complete list of the jewelry and IP assets up for auction is available on FirestarAuction.com.
The first live auction, which will include the trademarks and patents and their related jewelry, is scheduled to take place Sept. 26 in New York. Two more auctions of loose diamond and diamond jewelry are scheduled to follow the next week, Oct. 3 and 4, also in New York. (The exact location for the auctions will be disclosed to qualified bidders only.)
Information about how to schedule an appointment to view the jewelry in person before the auctions is available on FirestarAuction.com.
The website also contains links to download the required forms for placing a bid and more information on how the auction process works.
Firestar Diamond Inc. and Fantasy Inc. filed for Chapter 11 bankruptcy protection in February after news broke in India that Modi, among others, was being accused of swindling Punjab National Bank out of $1.8 billion, charges the diamantaire has denied.
Filing with Firestar and Fantasy was diamond brand A. Jaffe, but that company was sold separately to Paramount Jewels LLC and remains intact.
Firestar and Fantasy will cease to exist following the liquidation sales.
While smaller pieces of the companies’ inventory has been sold off along the way—Unique Designs, for example, purchased some diamond jewelry and loose stones—what
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is being auctioned later this month is what remains in Firestar and Fantasy’s vault.
The trustee also has filed motions to sell the companies’ merchandise that is out on consignment: the Jenny Packham jewelry currently on memo at the Aurum Holdings-owned jewelry stores in the U.K. (Firestar owned the license to produce jewelry under the clothing designer’s name) and the jewelry on consignment to J.C. Penney.
The trustee also has filed motions to sell the companies’ merchandise that is out on consignment: the Jenny Packham jewelry currently on memo at the Aurum Holdings-owned jewelry stores in the U.K. (Firestar owned the license to produce jewelry under the clothing designer’s name) and the jewelry on consignment to J.C. Penney.
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