The independent jeweler first opened its doors in 1888.
Paramount Jewels To Buy A. Jaffe for $5.2M
Paramount Jewels is an affiliate of Paramount Gems/Parag Diamonds, the company that tried to buy A. Jaffe earlier this year.

New York—Paramount Jewels LLC has placed the winning bid for A. Jaffe, the Nirav Modi-owned company that filed for bankruptcy earlier this year.
In a deal finalized late Friday, Paramount Jewels, an affiliate of Paramount Gems and Parag Diamonds Inc., agreed to buy the diamond jewelry company’s brand and business for $5.2 million.
This includes all of A. Jaffe’s core assets: its name, intellectual property, design patents, accounts receivable and inventory; all the assets, the companies said in a statement, that are “needed for A. Jaffe to continue as the successful brand that it is recognized as in the industry and to consumers.”
Jewelex Diamonds, GBC, Diamonds International and Amipi Inc. bought some non-core assets, including inventory, for a total of $1.2 million. Additional non-core assets will be sold at a later date.
According to a statement from the companies, A. Jaffe employees will stay on, with Sumay Bhansali as CEO and Sam Sandberg as chairman, and the company will operate as its own entity independent of Paramount Jewels.
Parag Jain, manager of Paramount Gems/Parag Diamonds, said A. Jaffe has always been, “a leader and a pioneer in the jewelry industry” and his company is not looking to change that.
“There will be no restructuring,” he said. “A. Jaffe will continue to operate with the utmost quality, customer service and its outstanding product offering. The company will be stronger than ever.”
The $5.2 million purchase price is about $3 million less than what Paramount Gems/Parag agreed to pay for A. Jaffe when the first auction for the company was conducted in May, though that sale included additional assets and inventory that were sold off separately this time. The May sale was halted by the judge and ultimately withdrawn by A. Jaffe’s attorney.
A motion has been filed with U.S. Bankruptcy Court in New York City to approve the sale. It is scheduled to be heard July 25.
A. Jaffe filed for Chapter 11 bankruptcy protection in New York in February shortly after news broke that Modi, who ultimately owns the company, was wanted for bilking state-run Punjab National Bank out of nearly $2 billion.
Filing along with A. Jaffe were the two other U.S.-based companies connected to Modi, Firestar Diamond Inc. and Fantasy Inc.; the companies went Chapter 11 in order to distance themselves from Modi and the scandal erupting in India and because their source of supply—Modi’s factories
The inventory of both Firestar and Fantasy remain up for sale, with Unique Designs filing the highest bid for the latter’s inventory so far, court papers show.
In April, the bankruptcy court appointed an independent examiner to investigate Modi’s ties to all three companies—A. Jaffe, Firestar and Fantasy—and whether any employees in the United States were involved.
That investigation continues, though court papers show that as part of the sale, Paramount Jewels is distancing itself from any issues that might arise from the examiner’s findings.
The proposed sale order filed Friday states: “This order shall not transfer any claims or causes of action to the purchaser against (1) the debtors’ employees, affiliates, direct or in direct interest holders, or insiders … that the examiner determines in his report to have likely participated in the alleged fraud involving Nirav Modi and certain persons or entities affiliated with Nirav Modi that is being investigated by the examiner … and (2) any other person or entity that examiner determines in his report to have likely participated in the alleged Modi fraud or acted in bad faith in its dealings with the debtors.”
Editor’s note: This story was updated post-publication to include the purchase price for the non-core assets ($1.2 million) and to provide clarity on what the $5.2 million paid for A. Jaffe includes.
The Latest

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.


Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

The company also noted record sales in the United States and a strong performance in its jewelry category.