The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
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 The sale motion was then withdrawn by A. Jaffe’s attorney at that time, Ian Winters. It was withdrawn without prejudice, leaving the door open for potential refiling.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.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."