EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
MajorsFeb 28, 2018
A. Jaffe, Firestar Diamond File Bankruptcy
They are the U.S. companies connected to Nirav Modi, the diamantaire accused of defrauding an Indian bank out of billions.
One of A. Jaffe’s map pendants in 14-karat gold with a diamond. A. Jaffe, along with affiliate company Firestar Diamond Inc., filed for Chapter 11 bankruptcy protection Monday, part of the fallout from the billion-dollar bank fraud scam involving Nirav Modi.
New York--The U.S. companies connected to Indian diamantaire Nirav Modi filed for bankruptcy protection Monday in New York.
In separate but nearly identical filings, affiliate companies Firestar Diamond Inc. and A. Jaffe Inc. stated that filing Chapter 11 was in their best interest after reviewing the “liquidity and supply challenges” they face. Affiliate company Fantasy Inc. also filed Chapter 11.
Modi and his uncle, Gitanjali Managing Director Mehul Choksi, are accused of scamming Punjab National Bank (PNB) out of $1.8 billion--allegations both have denied.
Though Modi, who left India in January, is reportedly refusing to return to the country, the government has taken action in an effort to recoup money for the state-owned bank, seizing paintings, property and jewels belonging to the billionaire.
Authorities also shut down the factories that were the primary suppliers of merchandise to Firestar Diamond and A. Jaffe, essentially cutting off the companies’ supply, said Ian Winters, the New York attorney representing all three companies.
He said Chapter 11 provides the companies with the best forum to continue to operate; it provides reassurance to suppliers that they are going to be get paid and to customers that they are going to continue to receive merchandise, while also giving the companies transparency and protection.
(Firestar, Fantasy and A. Jaffe are not the first diamond companies with overseas ties to seek the protections afforded by bankruptcy in the U.S. Antwerp-based diamond company Exelco filed Chapter 11 in Delaware after withdrawing its case in Belgium in order to block lender KBC Group NV from seizing and liquidating its assets overseas.)
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’Firestar Diamond/Fantasy Inc. and A. Jaffe issued separate statements following their Chapter 11 filings.
In its statement, Firestar/Fantasy noted it expects to still be able to fulfill orders, pay vendors and “do business as they have always been doing” during the bankruptcy process.
Meanwhile, A. Jaffe said that while it is aware of the “unfortunate allegations of financial improprieties overseas,” its core team in the United States was not in any way involved with any of the alleged conduct. Winters pointed out that Modi was not an officer or a director in any of the three U.S. companies and was not involved in their day-to-day operation.
A. Jaffe did note, however, that there will be “some disruption” in supply over the next 30 days because it now must do all of its manufacturing in New York.
As
of Wednesday morning, its website, where certain items are sold direct to consumers, read: “Due to manufacturing limitations, there may be production delays with your order.”
A. Jaffe, which has been in the jewelry business since 1892 and is known for its engagement rings and personalized map pieces, is looking for another investor, while Firestone Diamond/Fantasy is looking for a buyer.
Winters said there have been “serious expressions of interest” for all of the companies.
The Chapter 11 petitions were filed in the U.S. Bankruptcy Court for the Southern District of New York and list an equal amount of estimated assets and estimated liabilities for both: between $10 and 50 million.
Firestar Diamond stated in its filing that it was formerly known as both Firestone Inc. and Next Diamond Inc.
A. Jaffe Inc. lists Sandberg & Sikorski Corp. as an F/K/A, and also lists itself as doing business as (D/B/A) Sandberg & Sikorski, Firestar Fine Jewelry and Preferred 105.
A. Jaffe, which has been in the jewelry business since 1892 and is known for its engagement rings and personalized map pieces, is looking for another investor, while Firestone Diamond/Fantasy is looking for a buyer.
Winters said there have been “serious expressions of interest” for all of the companies.
The Chapter 11 petitions were filed in the U.S. Bankruptcy Court for the Southern District of New York and list an equal amount of estimated assets and estimated liabilities for both: between $10 and 50 million.
Firestar Diamond stated in its filing that it was formerly known as both Firestone Inc. and Next Diamond Inc.
A. Jaffe Inc. lists Sandberg & Sikorski Corp. as an F/K/A, and also lists itself as doing business as (D/B/A) Sandberg & Sikorski, Firestar Fine Jewelry and Preferred 105.
More on Majors
The Latest
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
