ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
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
Editors' Picks
Sponsored by
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
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
Doug Hucker Retires From ICAThe colored gemstone industry leader is heading into retirement after four years as the association’s CEO.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
