The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Judge Approves Sale of A. Jaffe to Paramount Jewels
Paramount paid $5.2 million for the diamond jewelry company’s name, intellectual property, design patents, accounts receivable and some inventory.
New York—A federal bankruptcy judge gave the OK Wednesday for Paramount Jewels to buy A. Jaffe, the latter’s CEO Sumay Bhansali confirmed to National Jeweler.
Following the sale, the New York-based diamond jewelry company will operate as its own entity, independent of Paramount Jewels.
Bhansali will stay on board as CEO, with Sam Sandberg as chairman, and the company will retain its employees.
Paramount Jewels is a subsidiary of Parag Diamonds (d/b/a Paramount Gems), the company that won the first auction of A. Jaffe’s assets held in May, agreeing to pay $8 million for the diamond jewelry brand. That sale was halted by the judge and ultimately withdrawn.
This time around, Paramount Jewels bid $5.2 million for A. Jaffe’s name, intellectual property, design patents, accounts receivable and a portion of its inventory, with an additional $1.2 million in inventory sold off separately to Jewelex Diamonds, GBC, Diamonds International and Amipi Inc.
Additional non-core assets of A. Jaffe are set to be sold at a later date.
A. Jaffe was one of three U.S.-based companies that were part of the empire of Nirav Modi, the billionaire diamantaire wanted for allegedly cheating Punjab National Bank out of nearly $2 billion.
The companies filed for Chapter 11 bankruptcy protection earlier this year in order to distance themselves from Modi and because their source of supply—Modi’s factories in India—shut down in the wake of the scandal.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."