WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
SourcingOct 17, 2018
‘Diamonds Are a Girl’s Best Friend’ Goes for $50K
The trademark and web domain for the famous phrase was auctioned off among other IP and inventory belonging to Firestar Diamond and Fantasy Inc.
A grouping of rings and wedding bands manufactured by Firestar Diamond Inc., one of the three U.S.-based, Nirav-Modi-owned companies that filed for bankruptcy earlier this year. Intellectual property and inventory belonging to Firestar and Fantasy Inc. were sold between Sept. 26 and Oct. 4. (Photo credit: Firestar Diamond Inc.)
New York—Intellectual property and loads of engagement rings, wedding bands and other diamond jewelry made by Nirav Modi’s former companies have been sold.
Richard Levin, the trustee handing the Chapter 11 bankruptcy case for Firestar Diamond Inc. and Fantasy Inc., said he conducted sales of Firestar and Fantasy inventory between Sept. 26 and Oct. 4 in New York.
Among the items finding buyers was the trademark on and web domain for a well-known song with the word “diamonds” in the title.
Court papers filed Sept. 27 show that a company called ABG Intermediate Holdings 2 LLC paid $50,000 to use “Diamonds Are a Girl’s Best Friend” in the United States, Canada and the European Union.
According to Moody’s, ABG Intermediate Holdings 2 LLC does business as Authentic Brands Group, a New York-based company that owns more than 30 brands including Neil Lane and Judith Leiber as well as Marilyn Monroe, meaning it owns the right to make and sell products bearing the late actress’ image and likeness.
Monroe is the one who made “Diamonds Are a Girl’s Best Friend” famous, singing it in the 1953 screen adaptation of “Gentleman Prefer Blondes” while surrounded by well-dressed men offering her jewels.
Authentic Brands Group did not respond to request for comment on its future plans for “Diamonds Are a Girl’s Best Friend.”
All told, the late September/early October sales of IP and inventory that once belonged to Firestar Diamond and Fantasy Inc. totaled about $5.7 million.
Closeout company SimplexDiam Inc. bought a big chunk of the inventory that was offered, paying $1.9 million for 28 lots of jewelry that included diamond engagement rings and wedding bands, court records show.
CEO Yogesh Madhvani said the company will have the bulk of what it bought available for purchase at the upcoming JIS Miami show, which is scheduled for Oct. 19 to 22 at the Miami Beach Convention Center.
Other significant purchases included:
— KGS Jewels Inc. paid $340,000 cash for three lots of intellectual property, including two proprietary diamond cuts, the “Patriot Star” and “A Perfect Cut;”
— H.K. Designs paid $169,000 cash for the trademark on “Diamond Hub,” an Amazon storefront;
— JewelEx New York Ltd. bought the IP for Firestar’s contour band for $410,000;
— Diamond Traders International Ltd. bought 13 lots of jewelry, castings and findings for about $850,000 total; and
— Fairway Diamond Inc. bought 10 lots of loose diamonds and
jewelry for a total of $543,700 in cash.
Levin said the items sold represent a “substantial portion” of what remains of the two companies, which filed for bankruptcy back in February after news broke that the companies’ owner, Modi, had been implicated in a scheme to bilk India’s Punjab National Bank out of $2 billion.
All purchases are subject to approval by the federal judge handling the bankruptcy case.
Levin said he still has “substantial inventory” remaining and is working with advisors on ways to market it.
Levin said the items sold represent a “substantial portion” of what remains of the two companies, which filed for bankruptcy back in February after news broke that the companies’ owner, Modi, had been implicated in a scheme to bilk India’s Punjab National Bank out of $2 billion.
All purchases are subject to approval by the federal judge handling the bankruptcy case.
Levin said he still has “substantial inventory” remaining and is working with advisors on ways to market it.
More on Sourcing
The Latest
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
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.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
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.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
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.
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.
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.
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.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
