PodcastsJan 12, 2026
The latest poscasttest
MajorsJun 29, 2018
A. Jaffe Set to be Sold, Again
The diamond jewelry company owned by Nirav Modi will go back on the block this month.
New York--A. Jaffe, one of the U.S. companies ultimately owned by the Indian diamantaire wanted in connection with a $2 billion bank fraud, is going back on the block.
Court papers filed June 25 in U.S. Bankruptcy Court in New York show that Richard Levin, the Chapter 11 trustee for A. Jaffe, which filed bankruptcy earlier this year, is looking to sell “all or substantially all” of the company’s assets.
The deadline for bids, as outlined in court documents, is July 5 at 5 p.m. If more than one company bids for A. Jaffe’s assets, then an auction will take place July 11 at the office of Jenner & Block LLP on Third Avenue in New York.
Judge Sean H. Lane will still need to approve the sale before it is final; Levin told National Jeweler Thursday the judge set the sale approval hearing for July 25.
Lane was the one who halted the sale last time, saying he needed more information before he could approve selling A. Jaffe to Parag Diamonds (d/b/a Paramount Gems) for $8 million. The sale motion was then withdrawn by A. Jaffe’s attorney at that time, Ian Winters. It was withdrawn without prejudice, leaving the door open for potential refiling.
Court documents show this second go-around of the sale of the diamond jewelry company will be open to any bidders who became qualified bidders for the first sale, as well as other bidders that want to submit “evidence of financial capability” to the trustee.
Nirav Modi, a billionaire diamantaire from India who was opening stores worldwide and becoming a red carpet mainstay, was accused earlier this year of cheating state-owned Punjab National Bank out of nearly $2 billion, charges he has denied.
Among his holdings were three U.S.-based companies: A. Jaffe, Firestar Diamond Inc. and Fantasy Diamond Inc. All three companies filed for Chapter 11 bankruptcy protection in February.
RELATED CONTENT: Financial Implications of Modi Scandal for Diamond TradeModi reportedly left India a few weeks before a complaint was filed against him in January, and Indian authorities have been on the hunt for him ever since.
The fates of the other Modi-connected U.S. companies, Firestar Diamond and Fantasy, remain unclear.
When asked Thursday if the two companies would be sold and, if so, what the timeline was, Levin said there are no firm plans yet for either company.
Editors' Picks
Sponsored by
More on Majors
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SourcingOct 08, 2024
Rio Tinto Begins New Phase of Production That Will Extend Diavik’s LifeCommercial production has begun underground at the Canadian diamond mine’s A21 pipe.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 08, 2024
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’? Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is OutThe first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.
