PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
SourcingMay 10, 2018
Paramount Gems Owner Places Winning Bid for A. Jaffe
The other Nirav Modi-connected companies, Firestar Diamond and Fantasy Inc., are still up for sale.
A piece from the “Maps by A. Jaffe” collection. New York-based diamond company Parag Diamonds (d/b/a Paramount Gems) placed the winning bid to purchase A. Jaffe’s auctions at a bankruptcy auction held last week. The sale approval hearing is scheduled for May 15.
New York--Parag Diamonds has emerged as the winning bidder for the assets of A. Jaffe Inc., one of the U.S. companies connected to Indian diamantaire Nirav Modi that filed for bankruptcy protection in February.
According to court documents filed Saturday, a total of four qualified bidders attended the auction for the 126-year-old diamond company’s assets.
While Parag Diamonds Inc., which does business as Paramount Gems, was the top bidder, a company called Flourish City Holdings Ltd. emerged as the back-up bidder.
Court filings provided no further details and Ian Winters, the attorney representing A. Jaffe, said Monday the company cannot disclose the purchase price at this time, as the sale does not close until it is approved by the court. The A. Jaffe sale approval hearing is set for May 15.
A spokeswoman for A. Jaffe said the company plans to issue a statement on the sale Friday.
The auctions for Firestar Diamond Inc. and Fantasy Inc., the other Nirav Modi-connected companies that filed Chapter 11 alongside A. Jaffe, have been postponed until a yet-to-be-determined date. Winters said discussions are ongoing with “interested parties.”
Parag Diamonds also operates as Paramount Gems, which, according to its website, is a seventh-generation diamond business that opened in New York in 1978. The company also has offices in Canada, India and Hong Kong, and is a certified supplier member of the American Gem Society.
Parag/Paramount owner Parag Jain did not respond to multiple requests for comment on his company’s purchase of A. Jaffe.
Modi is the billionaire Indian diamantaire accused of cheating Punjab National Bank out of nearly $2 billion—charges he has denied. He is wanted by Indian officials, who currently are seeking to extradite him.
The day after the A. Jaffe auction took place, the court-appointed examiner brought in to investigate the extent of the connection between Modi and his U.S. companies filed his preliminary work plan and budget.
John J. Carney was appointed by the U.S. trustee on April 19 and, according to court documents, has 120 days from the date of his appointment to file a written report of his investigation.
Court papers state he expects to examine “tens of thousands” of pages of documents; interview key witnesses in the United States and, if necessary, in India; conduct a forensic financial analysis and trace the movement of monies obtained under the “alleged fraud circumstances” against Punjab National Bank to the debtors (A. Jaffe, Firestar
Editors' Picks
Sponsored by
Diamond, Fantasy); and work with the Indian Ministry of Corporate Affairs to obtain relevant documents and information.
The examiner is looking to determine if Modi or any of his entities directed or influenced the decisions or actions of A. Jaffe, Firestar and Fantasy in the Chapter 11 case, and whether any current company executives “actively and knowingly participated in fraud or dishonesty,” court papers state.
Carney also has filed an application for order authorizing him to retroactively retain the law firm Baker & Hostetler LLP as his counsel. The hearing on the retention application is set for May 15, the same day as the hearing on the A. Jaffe sale.
He also is seeking to bring in forensic accounting firm Alvarez & Marsal for the investigation.
The examiner is looking to determine if Modi or any of his entities directed or influenced the decisions or actions of A. Jaffe, Firestar and Fantasy in the Chapter 11 case, and whether any current company executives “actively and knowingly participated in fraud or dishonesty,” court papers state.
Carney also has filed an application for order authorizing him to retroactively retain the law firm Baker & Hostetler LLP as his counsel. The hearing on the retention application is set for May 15, the same day as the hearing on the A. Jaffe sale.
He also is seeking to bring in forensic accounting firm Alvarez & Marsal for the investigation.
More on Sourcing
The Latest
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Medal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
