Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
MajorsJul 16, 2018
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-based jewelry company A. Jaffe, a maker of diamond engagement rings and the diamond-set map jewelry seen here, is set to be sold to Paramount Jewels LLC for $5.2 million.
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 The May sale was halted by the judge and ultimately withdrawn by A. Jaffe’s attorney.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
in India—shut down in the wake of the scandal.
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 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.
More on Majors
The Latest
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingFeb 27, 2026
South African Diamond Mine Closes Amid Search for Missing WorkersOwners of the Ekapa Mine reportedly filed for liquidation about a week after a mudslide trapped five workers who have yet to be found.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
