AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsMar 30, 2018
Bankruptcy Court OKs A. Jaffe, Firestar Sale
The approval came despite the objection of Punjab National Bank, which claimed the sale process is rushed and that questions remain.
New York--A U.S. bankruptcy court has approved the expedited sale of
A. Jaffe and Firestar Diamond/Fantasy Inc., the U.S. companies owned by Nirav Modi, the diamantaire accused of bilking an Indian bank out of billions.
The ruling was made Wednesday at a hearing held in in New York, and came despite the protests of Punjab National Bank (PNB).
PNB, the state-owned bank Modi allegedly cheated, filed an objection to the sale early Wednesday morning before the hearing, calling the sale process “extraordinarily expedited” and “highly aggressive.”
The bank gave a list of reasons why the sale should be halted or, at the very least, pushed back a month.
PNB said it hasn’t been given the information it needs to help it determine if any of the companies’ assets were purchased using funds fraudulently obtained from the bank, and also stated in its filing that “enormous unanswered questions about the involvement of debtors and their management in the Modi fraud” remain.
“It is imperative that the sale process slow down,” PNB said in its objection, noting that a deceleration would encourage more and better bids while giving the bank more time to obtain information and “better understand the connections, if any, between the debtors and the Modi fraud.”
“I don’t know what happened overseas,” Ian Winters, the attorney representing A. Jaffe and Firestar/Fantasy, said Thursday when asked about PNB’s objection.
“I think the debtors have been clear from day one that they were not involved in what happened overseas. If PNB believes they have claims, they are entitled to pursue whatever investigative actions they choose.”
He added: “We can’t control what PNB alleges. They put whatever they want to put in their [objection]. At the end of the day, the judge considered their papers, and considered what they had put in their papers, and the judge granted our request.”
The attorneys representing PNB did not respond to requests for comment on the ruling.
Winters said they have been trying to sell the companies since the Chapter 11 filing, and currently have 25 potential purchasers that have signed non-disclosure agreements.
The companies are being sold via sealed bids, with the deadline for the bids set for April 27, and the sale to be finalized by May 15.
Winters said the companies can be sold separately—Firestar with Fantasy Inc. and A. Jaffe with its division, FFJ—or together.
The ruling was made Wednesday at a hearing held in in New York, and came despite the protests of Punjab National Bank (PNB).
PNB, the state-owned bank Modi allegedly cheated, filed an objection to the sale early Wednesday morning before the hearing, calling the sale process “extraordinarily expedited” and “highly aggressive.”
The bank gave a list of reasons why the sale should be halted or, at the very least, pushed back a month.
PNB said it hasn’t been given the information it needs to help it determine if any of the companies’ assets were purchased using funds fraudulently obtained from the bank, and also stated in its filing that “enormous unanswered questions about the involvement of debtors and their management in the Modi fraud” remain.
“It is imperative that the sale process slow down,” PNB said in its objection, noting that a deceleration would encourage more and better bids while giving the bank more time to obtain information and “better understand the connections, if any, between the debtors and the Modi fraud.”
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’In its order approving the sale, the court did not address or mention any of PNB’s concerns, stating only that A. Jaffe and Firestar have provided “good and sufficient notice” of the sale to all parties interested and have engaged in a process to solicit the “highest and best” offers for the companies’ assets.
“I don’t know what happened overseas,” Ian Winters, the attorney representing A. Jaffe and Firestar/Fantasy, said Thursday when asked about PNB’s objection.
“I think the debtors have been clear from day one that they were not involved in what happened overseas. If PNB believes they have claims, they are entitled to pursue whatever investigative actions they choose.”
He added: “We can’t control what PNB alleges. They put whatever they want to put in their [objection]. At the end of the day, the judge considered their papers, and considered what they had put in their papers, and the judge granted our request.”
The attorneys representing PNB did not respond to requests for comment on the ruling.
RELATED CONTENT: The Nirav Modi Case: What Else We Learned This WeekA. Jaffe Inc. and Firestar Diamond Inc./Fantasy Inc. filed for Chapter 11 bankruptcy protection on Feb. 26.
Winters said they have been trying to sell the companies since the Chapter 11 filing, and currently have 25 potential purchasers that have signed non-disclosure agreements.
The companies are being sold via sealed bids, with the deadline for the bids set for April 27, and the sale to be finalized by May 15.
Winters said the companies can be sold separately—Firestar with Fantasy Inc. and A. Jaffe with its division, FFJ—or together.
More on Majors
The Latest
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
