MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
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
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
