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National Bank of Fujairah Antwerp launch April 201
Dubai’s NBF Enters Antwerp Lending Market
The National Bank of Fujairah (NBF) has launched arepresentative office in Antwerp as it looks to expand its business lending toestablished diamond traders. The Dubai-based bank targets wholesalers with secure sourcesof income and solid product...
Financial-Legal Apr 07, 2019 Joshua Freedman
Nirav Modi
Nirav Modi Arrested in London
Fugitive jeweler Nirav Modi was arrested in central LondonTuesday on behalf of Indian authorities, the city’s police said. Modi will appear at Westminster Magistrates’ Court Wednesday, the Metropolitan Police said in a statement. The diamond mogul,...
Retail Mar 20, 2019 Rapaport News
Modi interview new 150
Newspaper Tracks Down Nirav Modi
Fugitive Indian diamantaire Nirav Modi is living an upscale life in London and running a diamond business there, according to a reportby UK newspaper The Telegraph. The publication tracked down Modi to a GBP 8 million ($10.4million) apartment in London’s West...
Financial-Legal Mar 10, 2019 Rapaport News
Loupe & Polished diamonds
Diamond Prices Slide as Year Begins with Caution
RAPAPORT PRESS RELEASE, February 5, 2019, Las Vegas … Polished-diamond prices softened in January as US restocking proved slower than expected after the holiday season, and as Far East buyers took vacation ahead of the Chinese New...
Polished Markets Feb 05, 2019 Rapaport
Samuels Jewelers
Samuels Jewelers Files for Bankruptcy
Alleged Indian fraudster Mehul Choksi’s US jewelry chain hasfiled for Chapter 11 protection, according to court papers. Samuels Jewelers has brought in liquidators to begin sellingits assets so it can pay off debt, theTuesday filing at the District...
Retail Aug 08, 2018 Rapaport News
India 150
Indian Banks Slash Lending by 10%
Bank financing to India’s gem and jewelry sector has fallenat least 10% since April 1 due to stricter lending conditions, according to the trade’s export-promotion body.Credit providers tightened their rules after allegations inJanuary that...
Financial-Legal Jul 24, 2018 Rapaport News
Diamonds for Fantasy story 150
Unique Designs to Buy Modi Company Inventory
Jewelry manufacturer Unique Designs is the top contender to buy the assets of Nirav Modi subsidiary Fantasy, pending final bids in the auction of the company. Unique Designs has offered $725,983 in cash, according to a motion filed...
Retail Jul 15, 2018 Rapaport News
Nirav Modi 150
India Seeks Interpol’s Help in Hunt for Modi
Indian authorities have called on Interpol to help trackdown Nirav Modi, according to Reuters, following reports the fugitive jeweleris in the UK. The nation’s federal law-enforcement agency has asked the internationalpolice organization to issue a “red...
Financial-Legal Jun 13, 2018 Rapaport News
Gitanjali 150
Gitanjali Loses Sightholder Status
De Beers has terminated the sightholder status of Gitanjali Gems following fraud allegations against the Indian jeweler’s managing director,Mehul Choksi. De Beers took the decision in February, meaning Gitanjalican no longer make any purchases from...
Financial-Legal Apr 16, 2018 Joshua Freedman
Polished diamond
CBI Makes Arrest in Winsome Bank Fraud
India’s Central Bureau of Investigation (CBI) has arrestedHasmukh Shah in its ongoing investigation into Winsome Diamonds, Reuters reported. Shah is a former director and authorized signatory ofForever Precious Jewellery and Diamonds, a subsidiary of the Winsome...
Retail Mar 13, 2018 Rapaport News
State Bank of India
India’s SBI Tightens Loan Terms for Jewelers
The State Bank of India (SBI) has introduced stricter lending conditions for certain gem and jewelry companies in the wake of the Nirav Modi scandal, The Economic Times reported. India’s largest bank will...
Financial-Legal Mar 12, 2018 Rapaport News
India Bank Allegations Widen 022118 150
Investigation into $1.8B Jewelry Fraud Intensifies
Indian authorities have reportedly arrested five senior executivesat Nirav Modi Group and Gitanjali Gems as investigations continue into amassive fraud case involving the two companies.Punjab National Bank (PNB) has alleged the...
Financial-Legal Feb 21, 2018 Joshua Freedman
Nirav Modi Accused of Bank Fraud 150
Nirav Modi Under Investigation for Bank Fraud
India’s Central Bureau of Investigation (CBI) has launched aprobe into billionaire jeweler Nirav Modi over allegations he defrauded a statebank of $44 million, Reuters reported.The Punjab National Bank complained to the CBI that Modi andothers...
Retail Feb 11, 2018 Rapaport News
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