CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
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
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.
More on Sourcing
The Latest
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
