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SourcingOct 17, 2018
‘Diamonds Are a Girl’s Best Friend’ Goes for $50K
The trademark and web domain for the famous phrase was auctioned off among other IP and inventory belonging to Firestar Diamond and Fantasy Inc.
A grouping of rings and wedding bands manufactured by Firestar Diamond Inc., one of the three U.S.-based, Nirav-Modi-owned companies that filed for bankruptcy earlier this year. Intellectual property and inventory belonging to Firestar and Fantasy Inc. were sold between Sept. 26 and Oct. 4. (Photo credit: Firestar Diamond Inc.)
New York—Intellectual property and loads of engagement rings, wedding bands and other diamond jewelry made by Nirav Modi’s former companies have been sold.
Richard Levin, the trustee handing the Chapter 11 bankruptcy case for Firestar Diamond Inc. and Fantasy Inc., said he conducted sales of Firestar and Fantasy inventory between Sept. 26 and Oct. 4 in New York.
Among the items finding buyers was the trademark on and web domain for a well-known song with the word “diamonds” in the title.
Court papers filed Sept. 27 show that a company called ABG Intermediate Holdings 2 LLC paid $50,000 to use “Diamonds Are a Girl’s Best Friend” in the United States, Canada and the European Union.
According to Moody’s, ABG Intermediate Holdings 2 LLC does business as Authentic Brands Group, a New York-based company that owns more than 30 brands including Neil Lane and Judith Leiber as well as Marilyn Monroe, meaning it owns the right to make and sell products bearing the late actress’ image and likeness.
Monroe is the one who made “Diamonds Are a Girl’s Best Friend” famous, singing it in the 1953 screen adaptation of “Gentleman Prefer Blondes” while surrounded by well-dressed men offering her jewels.
Authentic Brands Group did not respond to request for comment on its future plans for “Diamonds Are a Girl’s Best Friend.”
All told, the late September/early October sales of IP and inventory that once belonged to Firestar Diamond and Fantasy Inc. totaled about $5.7 million.
Closeout company SimplexDiam Inc. bought a big chunk of the inventory that was offered, paying $1.9 million for 28 lots of jewelry that included diamond engagement rings and wedding bands, court records show.
CEO Yogesh Madhvani said the company will have the bulk of what it bought available for purchase at the upcoming JIS Miami show, which is scheduled for Oct. 19 to 22 at the Miami Beach Convention Center.
Other significant purchases included:
— KGS Jewels Inc. paid $340,000 cash for three lots of intellectual property, including two proprietary diamond cuts, the “Patriot Star” and “A Perfect Cut;”
— H.K. Designs paid $169,000 cash for the trademark on “Diamond Hub,” an Amazon storefront;
— JewelEx New York Ltd. bought the IP for Firestar’s contour band for $410,000;
— Diamond Traders International Ltd. bought 13 lots of jewelry, castings and findings for about $850,000 total; and
— Fairway Diamond Inc. bought 10 lots of loose diamonds and
jewelry for a total of $543,700 in cash.
Levin said the items sold represent a “substantial portion” of what remains of the two companies, which filed for bankruptcy back in February after news broke that the companies’ owner, Modi, had been implicated in a scheme to bilk India’s Punjab National Bank out of $2 billion.
All purchases are subject to approval by the federal judge handling the bankruptcy case.
Levin said he still has “substantial inventory” remaining and is working with advisors on ways to market it.
Levin said the items sold represent a “substantial portion” of what remains of the two companies, which filed for bankruptcy back in February after news broke that the companies’ owner, Modi, had been implicated in a scheme to bilk India’s Punjab National Bank out of $2 billion.
All purchases are subject to approval by the federal judge handling the bankruptcy case.
Levin said he still has “substantial inventory” remaining and is working with advisors on ways to market it.
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