‘Diamonds Are a Girl’s Best Friend’ Goes for $50K

SourcingOct 17, 2018

‘Diamonds Are a Girl’s Best Friend’ Goes for $50K

The trademark and web domain for the famous phrase was auctioned off among other IP and inventory belonging to Firestar Diamond and Fantasy Inc.

A grouping of rings and wedding bands manufactured by Firestar Diamond Inc., one of the three U.S.-based, Nirav-Modi-owned companies that filed for bankruptcy earlier this year. Intellectual property and inventory belonging to Firestar and Fantasy Inc. were sold between Sept. 26 and Oct. 4. (Photo credit: Firestar Diamond Inc.)

New York—Intellectual property and loads of engagement rings, wedding bands and other diamond jewelry made by Nirav Modi’s former companies have been sold.

Richard Levin, the trustee handing the Chapter 11 bankruptcy case for Firestar Diamond Inc. and Fantasy Inc., said he conducted sales of Firestar and Fantasy inventory between Sept. 26 and Oct. 4 in New York.

Among the items finding buyers was the trademark on and web domain for a well-known song with the word “diamonds” in the title.

Court papers filed Sept. 27 show that a company called ABG Intermediate Holdings 2 LLC paid $50,000 to use “Diamonds Are a Girl’s Best Friend” in the United States, Canada and the European Union.

According to Moody’s, ABG Intermediate Holdings 2 LLC does business as Authentic Brands Group, a New York-based company that owns more than 30 brands including Neil Lane and Judith Leiber as well as Marilyn Monroe, meaning it owns the right to make and sell products bearing the late actress’ image and likeness.

Monroe is the one who made “Diamonds Are a Girl’s Best Friend” famous, singing it in the 1953 screen adaptation of “Gentleman Prefer Blondes” while surrounded by well-dressed men offering her jewels.

Authentic Brands Group did not respond to request for comment on its future plans for “Diamonds Are a Girl’s Best Friend.”

All told, the late September/early October sales of IP and inventory that once belonged to Firestar Diamond and Fantasy Inc. totaled about $5.7 million.

Closeout company SimplexDiam Inc. bought a big chunk of the inventory that was offered, paying $1.9 million for 28 lots of jewelry that included diamond engagement rings and wedding bands, court records show.

CEO Yogesh Madhvani said the company will have the bulk of what it bought available for purchase at the upcoming JIS Miami show, which is scheduled for Oct. 19 to 22 at the Miami Beach Convention Center.

Other significant purchases included:
— KGS Jewels Inc. paid $340,000 cash for three lots of intellectual property, including two proprietary diamond cuts, the “Patriot Star” and “A Perfect Cut;”
— H.K. Designs paid $169,000 cash for the trademark on “Diamond Hub,” an Amazon storefront;
— JewelEx New York Ltd. bought the IP for Firestar’s contour band for $410,000;
— Diamond Traders International Ltd. bought 13 lots of jewelry, castings and findings for about $850,000 total; and
— Fairway Diamond Inc. bought 10 lots of loose diamonds and

jewelry for a total of $543,700 in cash.

Levin said the items sold represent a “substantial portion” of what remains of the two companies, which filed for bankruptcy back in February after news broke that the companies’ owner, Modi, had been implicated in a scheme to bilk India’s Punjab National Bank out of $2 billion.

All purchases are subject to approval by the federal judge handling the bankruptcy case.

Levin said he still has “substantial inventory” remaining and is working with advisors on ways to market it.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Recorded WebinarsMay 07, 2021
Watch: The Office Called, It Wants You Back

As more people prepare to return to work, two JVC attorneys discuss vaccines, health screenings, permanent remote work, and more.

Events & AwardsMay 07, 2021
Here’s the Latest on Health, Safety Measures for JCK Las Vegas

They include temperature screenings, a “no handshakes, no hugs” policy, and more.

CollectionsMay 07, 2021
Muzo Colombian Emeralds Debuts E-Commerce, New Collection

It’s the famed emerald miner’s first entirely shoppable website.

Brought to you by
How to Engage and Sell to Millennials

Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.

IndependentsMay 07, 2021
JA Promotes Fine Jewelry for Mother’s Day

The trade organization showcased members’ jewelry on more than 30 morning shows across the U.S.

Weekly QuizApr 29, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of May 3-7, 2021.
Take the Quiz
TrendsMay 07, 2021
Piece of the Week: Brent Neale’s Emerald Knot Ring

It pairs May’s birthstone with bright turquoise.

Policies & IssuesMay 06, 2021
US Economy Could See Fastest Growth Since the ‘80s

The National Retail Federation expects it to grow nearly 7 percent in 2021 as businesses reopen and consumer confidence continues to rise.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

IndependentsMay 06, 2021
Harris Jewelry Closes All Locations

The jeweler will continue to operate online and via phone.