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SourcingApr 09, 2019
Nearly $4M in Loose Diamonds from Firestar Up for Auction
Once the property of Nirav Modi’s former company, the stones range in size from 0.10-1.25 carats.
New York—A total of 50 lots of loose diamonds once in the inventory of Firestar Diamond, one of Nirav Modi’s former companies, are up for auction.
The diamonds range in size from 0.10-1.25 carats and are G-J in color and IF-I3 in clarity. They are mostly round brilliants mixed with a sprinkling of princess cuts.
Estimated at more than $3.8 million, the diamonds are being sold off via a sealed bid auction.
A PDF detailing all the lots can be viewed online. Those interested in seeing the stones in person can make an appointment on the Firestar auction website. Slots are available for Thursday.
The sale of loose diamonds is the sixth in a series of inventory sell-offs for Firestar Diamond Inc. and Fantasy Inc., the two U.S.-based companies once owned by Modi that filed bankruptcy and then were liquidated after news of the diamantaire’s alleged bank fraud came to light in early 2018.
Modi remains jailed in the United Kingdom following his arrest last month. The Indian government is seeking his extradition.
The big sale of Firestar and Fantasy goods took place in late September/early October when the bankruptcy trustee sold off more than $15 million in inventory and intellectual property, including the trademark on and web domain for “Diamonds Are a Girl’s Best Friend.”
To bid on the loose diamonds, interested parties must email the necessary forms to the bankruptcy trustee and his counsel by 5 p.m. EDT this coming Friday, April 12. The email address for submitting bids is bids@firestarauction.com.
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