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Paramount Acquires A. Jaffe for $5M

Sale of Nirav Modi jeweler covers inventory, intellectual property, and income from unpaid customer bills.
Jul 17, 2018 5:01 AM   By Rapaport News
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RAPAPORT... Paramount Jewels has bought New York-based jewelry supplier A. Jaffe for $5.2 million, according to court documents.

A. Jaffe is part of Nirav Modi’s business empire along with his other US jewelry companies, Firestar Diamond and Fantasy. Paramount will acquire its inventory, intellectual property, customer information, future income from customers’ unpaid bills and other assets related to the business.

Paramount Jewels’ affiliate, Paramount Gems, previously won a bid to buy A. Jaffe for $8 million in May. The court called the deal off later that month as the judge needed more information about its worth, and any connections to Modi, reports said.

The agreement comes shortly after Unique Designs became the highest bidder for Fantasy’s inventory with an offer of $725,983.

Firestar, Fantasy and A. Jaffe filed for Chapter 11 bankruptcy in the US in February after Indian investigators began a fraud probe into Modi.
Tags: a. jaffe, fantasy, Firestar, firestar diamond, Modi, Nirav Modi, Paramount, Paramount Gems, Paramount Jewels, Rapaport News, Unique Designs, US
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