SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
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
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
