EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
MajorsMay 23, 2018
The A. Jaffe Sale Is Off, For Now
In other news involving the companies connected to Nirav Modi, CEO Mihir Bhansali has resigned and Fantasy Diamond is looking to sever ties with Firestar.
New York--The sale of A. Jaffe, one of the three U.S. companies owned by Nirav Modi, is off, at least for now.
Court filings show that Ian Winters, the attorney for A. Jaffe, Firestar Diamonds and Fantasy Inc., withdrew the sale motion May 19. The sale was withdrawn without prejudice, meaning it could be refiled at any time.
The withdrawal came less than a week after a federal bankruptcy judge put the brakes on Parag Diamonds’ $8 million purchase of A. Jaffe, saying he needed more information about A. Jaffe’s connection to Modi, the billionaire diamantaire wanted in India for allegedly cheating state-run Punjab National Bank out of nearly $2 billion.
Winters did not respond to requests for comment Tuesday, and a spokeswoman for A. Jaffe said the company has no comment on the court proceedings at this time.
The only individual connected to the A. Jaffe sale to offer comment was Parag Diamonds owner Parag Jain, who said Wednesday morning that his company, which does business as Paramount Gems, did not back out of the bid. Debtors’ counsel was unable to meet the obligations required by the bankruptcy court and that’s why the motion for the sale was withdrawn, he said, though he declined to elaborate further.
A. Jaffe, Firestar and Fantasy filed for Chapter 11 bankruptcy protection in New York on Feb. 26, shortly after news of Modi’s alleged fraud broke overseas and the Indian government began seizing his assets and shutting down his factories.
They have since worked to distance themselves from Modi and his allegedly fraudulent activities—A. Jaffe said in its first statement in the case that “its core team here in the United States want to assure partners and customers that A. Jaffe is not in any way involved with any of the alleged conduct that is the subject of the accusations”—all the while assuring customers that they are committed to them despite the loss of back office support and supply from overseas.
All three companies were offered for sale in an auction held May 3 in New York. A. Jaffe was the only one to find a buyer while Firestar and Fantasy remained up for sale.
On Friday, the day before the sale motion was withdrawn, Mihir Bhansali, who had once been the CEO of all three companies, resigned.
Then, on Monday, Fantasy Diamond Corp. filed a motion Monday asking
the court to allow it to sever the license agreement that currently binds it to Firestar Diamond and, ultimately, Nirav Modi, citing the inability to find a buyer for the two companies and concerns about the long-term value of its intellectual property.
“Fantasy Diamond had been advised by the debtors that although debtors continue to attempt to market the Firestar/Fantasy assets, either in whole or as pieces, the fraudulent activity”—meaning Modi’s alleged defrauding of Punjab National Bank—“for which the examiner appointed in this case has been charged with investigating has effectively chilled, if not frozen, interest in the Firestar/Fantasy assets,” court papers state.
A hearing on Fantasy’s motion is set for June 7.
“Fantasy Diamond had been advised by the debtors that although debtors continue to attempt to market the Firestar/Fantasy assets, either in whole or as pieces, the fraudulent activity”—meaning Modi’s alleged defrauding of Punjab National Bank—“for which the examiner appointed in this case has been charged with investigating has effectively chilled, if not frozen, interest in the Firestar/Fantasy assets,” court papers state.
RELATED CONTENT: Examiner to Take a Closer Look at A. Jaffe, Firestar CaseFantasy also noted Bhansali’s departure in its motion: “The debtors’ business operations appear to be in some distress currently as, on information and belief, Mr. Bhansali has resigned and key employees have left the debtors’ employ.”
A hearing on Fantasy’s motion is set for June 7.
More on Majors
The Latest
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
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.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
Weekly QuizDec 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
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.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
TrendsDec 11, 2025
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.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
