CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
SourcingAug 23, 2018
Report: Nirav Modi Located in the UK
The New York Times reports that India’s Central Bureau of Investigation is seeking extradition of the diamantaire wanted for allegedly cheating a bank out of billions.
A rendering of the exterior of the Nirav Modi boutique in the Wynn Las Vegas, which is now closed along with the wanted diamantaire’s other U.S. stores. Modi has reportedly been located in the United Kingdom and Indian authorities are seeking to bring him home.
New York—Nirav Modi, the Indian jeweler wanted for allegedly cheating a state-run bank out of nearly $2 billion, has been located and Indian authorities are seeking his extradition, The New York Times reports.
The Times published a story Monday quoting a spokesman for India’s Central Bureau of Investigation as saying that Interpol told the CBI that Modi is in the U.K. The bureau is “moving for his extradition,” the spokesman said.
Interpol, the international police organization, has a red notice out on Modi, which is the alert used to signify that an individual needs to be located and arrested pending extradition.
Neither the CBI nor Interpol responded to National Jeweler’s request for an update by press time.
Born into a family of diamond merchants in Antwerp, Modi ventured out on his own, dealing in loose diamonds before expanding into manufacturing jewelry and then launching his own brand.
Eventually, he began opening upscale boutiques around the world stocked with dazzling pieces from his eponymous line, including on Madison Avenue in New York, the Ala Moana Center in Honolulu and the Wynn hotel in Las Vegas.
Modi’s designs also received plenty of red-carpet play. In what was perhaps his brand’s last splashy Hollywood appearance, “The Handmaid’s Tale” star Yvonne Strahovski donned Nirav Modi diamond earrings and ring at the SAG Awards on Jan. 21.
About a week after that red carpet turn, the 47-year-old diamantaire’s empire began to unravel.
On Jan. 29, the CBI registered a case against Modi, his brother Neeshal and his uncle, Gitanjali Gems Managing Director Mehul Choksi, accusing them of colluding with employees of Punjab National Bank to swindle the second-largest state-owned financial institution out of about $1.8 billion.
Both Nirav Modi and Choksi have denied any wrongdoing through their attorneys.
Since the case came to light in January, the CBI has been on the hunt for both Modi and Choksi, with reports placing the former everywhere from Hong Kong to St. Kitts to New York to London.
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’The Times story detailed the frustration in India over fraudulent loans doled out by state-run banks and the government’s inability to bring wrongdoers accused of stealing billions to justice while indigent farmers commit suicide over their inability to pay back just a few hundred dollars.
Along with Modi, there’s Winsome Diamonds’ Jatin Mehta, whom the CBI reportedly charged with bank fraud in June
but who remains out of reach on the island of St. Kitts. The Times also cited the case of Vijay Mallya, aka The King of Good Times, a former member of parliament and airline and liquor magnate who fled to Britain after allegedly cheating Indian banks out of more than $1 billion.
In the diamond industry, the alleged fraud perpetrated on Punjab National Bank put further strain on an industry already struggling with financing and forced four U.S.-based companies to file for bankruptcy: A. Jaffe—which has since been sold—Firestar Diamond, Fantasy Inc. and, most recently, Samuels Jewelers, the 120-store jewelry chain owned by Choksi that filed for Chapter 11 earlier this month.
In the diamond industry, the alleged fraud perpetrated on Punjab National Bank put further strain on an industry already struggling with financing and forced four U.S.-based companies to file for bankruptcy: A. Jaffe—which has since been sold—Firestar Diamond, Fantasy Inc. and, most recently, Samuels Jewelers, the 120-store jewelry chain owned by Choksi that filed for Chapter 11 earlier this month.
More on Sourcing
The Latest
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
Weekly QuizOct 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful ShowThe month’s birthstones, tourmaline and opal, complement the palette of autumn.
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-ReflectionSmith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From VicenzaoroAssociate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.
SurveysOct 01, 2025
Consumer Confidence Hits 5-Month Low in September Respondents were concerned about job availability and rising prices.
SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.
MajorsSep 30, 2025
Pandora CEO to Retire in 2026, Hand Reins to CMO Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.
CrimeSep 30, 2025
2 Suspects Charged in $300K Sleight-of-Hand Jewelry Store ScamTwo men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.
CollectionsSep 30, 2025
Billie Eilish, Finneas Partner with John HardyThe “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.
IndependentsSep 30, 2025
Spinelli Kilcollin Announces Residency in DallasThe brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65She was remembered as a creative and generous woman of faith, who also had a sweet tooth.
