EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
MajorsFeb 28, 2018
A. Jaffe, Firestar Diamond File Bankruptcy
They are the U.S. companies connected to Nirav Modi, the diamantaire accused of defrauding an Indian bank out of billions.
One of A. Jaffe’s map pendants in 14-karat gold with a diamond. A. Jaffe, along with affiliate company Firestar Diamond Inc., filed for Chapter 11 bankruptcy protection Monday, part of the fallout from the billion-dollar bank fraud scam involving Nirav Modi.
New York--The U.S. companies connected to Indian diamantaire Nirav Modi filed for bankruptcy protection Monday in New York.
In separate but nearly identical filings, affiliate companies Firestar Diamond Inc. and A. Jaffe Inc. stated that filing Chapter 11 was in their best interest after reviewing the “liquidity and supply challenges” they face. Affiliate company Fantasy Inc. also filed Chapter 11.
Modi and his uncle, Gitanjali Managing Director Mehul Choksi, are accused of scamming Punjab National Bank (PNB) out of $1.8 billion--allegations both have denied.
Though Modi, who left India in January, is reportedly refusing to return to the country, the government has taken action in an effort to recoup money for the state-owned bank, seizing paintings, property and jewels belonging to the billionaire.
Authorities also shut down the factories that were the primary suppliers of merchandise to Firestar Diamond and A. Jaffe, essentially cutting off the companies’ supply, said Ian Winters, the New York attorney representing all three companies.
He said Chapter 11 provides the companies with the best forum to continue to operate; it provides reassurance to suppliers that they are going to be get paid and to customers that they are going to continue to receive merchandise, while also giving the companies transparency and protection.
(Firestar, Fantasy and A. Jaffe are not the first diamond companies with overseas ties to seek the protections afforded by bankruptcy in the U.S. Antwerp-based diamond company Exelco filed Chapter 11 in Delaware after withdrawing its case in Belgium in order to block lender KBC Group NV from seizing and liquidating its assets overseas.)
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’Firestar Diamond/Fantasy Inc. and A. Jaffe issued separate statements following their Chapter 11 filings.
In its statement, Firestar/Fantasy noted it expects to still be able to fulfill orders, pay vendors and “do business as they have always been doing” during the bankruptcy process.
Meanwhile, A. Jaffe said that while it is aware of the “unfortunate allegations of financial improprieties overseas,” its core team in the United States was not in any way involved with any of the alleged conduct. Winters pointed out that Modi was not an officer or a director in any of the three U.S. companies and was not involved in their day-to-day operation.
A. Jaffe did note, however, that there will be “some disruption” in supply over the next 30 days because it now must do all of its manufacturing in New York.
As
of Wednesday morning, its website, where certain items are sold direct to consumers, read: “Due to manufacturing limitations, there may be production delays with your order.”
A. Jaffe, which has been in the jewelry business since 1892 and is known for its engagement rings and personalized map pieces, is looking for another investor, while Firestone Diamond/Fantasy is looking for a buyer.
Winters said there have been “serious expressions of interest” for all of the companies.
The Chapter 11 petitions were filed in the U.S. Bankruptcy Court for the Southern District of New York and list an equal amount of estimated assets and estimated liabilities for both: between $10 and 50 million.
Firestar Diamond stated in its filing that it was formerly known as both Firestone Inc. and Next Diamond Inc.
A. Jaffe Inc. lists Sandberg & Sikorski Corp. as an F/K/A, and also lists itself as doing business as (D/B/A) Sandberg & Sikorski, Firestar Fine Jewelry and Preferred 105.
A. Jaffe, which has been in the jewelry business since 1892 and is known for its engagement rings and personalized map pieces, is looking for another investor, while Firestone Diamond/Fantasy is looking for a buyer.
Winters said there have been “serious expressions of interest” for all of the companies.
The Chapter 11 petitions were filed in the U.S. Bankruptcy Court for the Southern District of New York and list an equal amount of estimated assets and estimated liabilities for both: between $10 and 50 million.
Firestar Diamond stated in its filing that it was formerly known as both Firestone Inc. and Next Diamond Inc.
A. Jaffe Inc. lists Sandberg & Sikorski Corp. as an F/K/A, and also lists itself as doing business as (D/B/A) Sandberg & Sikorski, Firestar Fine Jewelry and Preferred 105.
More on Majors
The Latest
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet RingIt's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.
CollectionsJun 10, 2025
Tabayer Names Mary Chiam as CEOThe brand also debuted its new “Zorae” collection featuring a talisman of protection and harmony inspired by a sheaf of wheat.
Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
Events & AwardsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
