Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
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
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
Lab-GrownAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
