MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
SourcingMar 22, 2019
Nirav Modi Nabbed, Held on Bail in London
The billionaire fugitive was reportedly arrested in a bank while trying to open an account.
London—Nirav Modi has been arrested in London and is being held on bail, numerous news outlets reported earlier this week.
The Indian government, which has been on the hunt for the billionaire diamantaire since he fled the country early last year after being implicated in a $1.8 billion bank fraud scheme, said it wants Modi back in the country to face charges of criminal conspiracy, corruption and money laundering as soon as possible.
“We welcome the fact that Nirav Modi has been arrested by the United Kingdom authorities pursuant to the arrest warrant issued by the Westminster Magistrates’ Court,” the country’s Ministry of External Affairs said in a statement issued Wednesday. “The Government of India continues to actively follow up this matter with the authorities concerned in the U.K., with a view to have Nirav Modi extradited to India at the earliest.”
Reports first surfaced that Modi was living in London in August, but his arrest didn’t come until after journalists with The Telegraph newspaper tracked down the tycoon last week. Reporters found him living in a £8 million ($10.5 million) flat in London’s West End, working in the diamond business again. (Full story available to subscribers only.)
London’s Metropolitan Police arrested Modi on Tuesday at a bank where he was trying to open an account after the teller alerted police. District Judge Marie Mallon denied him bail in Westminster Magistrates’ Court, deeming him a flight risk, The Telegraph reported.
While the Indian government wants Modi back in the country as soon as possible, there are conflicting opinions on how long his extradition could take, if it happens at all.
Some experts are saying it could be done in as little as six months, while others cite the ongoing saga of Vijay Mallya, the Indian liquor tycoon who also is charged with financial crimes but has been fighting his extradition for nearly two years, as an example of how Modi’s case could drag on.
The scandal in which Modi is implicated first came to light in early 2018, when India’s Central Bureau of Investigation accused the diamantaire, his brother Neeshal, and his uncle Mehul Choksi (the former managing director of
Gitanjali) of bilking the state-run Punjab National Bank out of nearly $2 billion.
Modi, who has maintained his innocence throughout, left India shortly before the CBI levied its accusations.
Authorities have been on the hunt for him since, requesting Interpol issue a Red Notice, a notice to law enforcement worldwide requesting they locate and provisionally arrest a person pending extradition, on charges that now number five: punishment of criminal conspiracy, criminal breach of trust by public servant or by banker merchant or agent, cheating and dishonestly inducing delivery of property, prevention of corruption act and money laundering.
The fallout from the Indian bank scandal had a worldwide ripple effect in the diamond industry, pushing numerous companies in the United States with ties to Modi and Choksi into bankruptcy, forcing the closure of his high-end jewelry stores in New York, Las Vegas and Honolulu, and putting a lot of people out of work in the process of both.
It was also another “nail in the coffin” to the diamond industry in terms of bank financing, one longtime banker told National Jeweler after news of the scandal broke, making those few banks that still are financing the midstream sector of the industry even more stringent about lending money, while giving those that aren’t involved another reason to stay out of it.
Modi, who has maintained his innocence throughout, left India shortly before the CBI levied its accusations.
Authorities have been on the hunt for him since, requesting Interpol issue a Red Notice, a notice to law enforcement worldwide requesting they locate and provisionally arrest a person pending extradition, on charges that now number five: punishment of criminal conspiracy, criminal breach of trust by public servant or by banker merchant or agent, cheating and dishonestly inducing delivery of property, prevention of corruption act and money laundering.
The fallout from the Indian bank scandal had a worldwide ripple effect in the diamond industry, pushing numerous companies in the United States with ties to Modi and Choksi into bankruptcy, forcing the closure of his high-end jewelry stores in New York, Las Vegas and Honolulu, and putting a lot of people out of work in the process of both.
It was also another “nail in the coffin” to the diamond industry in terms of bank financing, one longtime banker told National Jeweler after news of the scandal broke, making those few banks that still are financing the midstream sector of the industry even more stringent about lending money, while giving those that aren’t involved another reason to stay out of it.
More on Sourcing
The Latest
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
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.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
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.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
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.
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.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
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.
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.
