MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
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
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
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.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
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.
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.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
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.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
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.
