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Nirav Modi Arrested in London
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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,...
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Retail
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Mar 20, 2019
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Rapaport News
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Newspaper Tracks Down Nirav Modi
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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...
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Financial-Legal
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Mar 10, 2019
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Rapaport News
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Indian Banks Slash Lending by 10%
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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...
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Financial-Legal
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Jul 24, 2018
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Rapaport News
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Paramount Acquires A. Jaffe for $5M
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Paramount Jewels has bought New York-based jewelry supplier A. Jaffefor $5.2 million, according to court documents.A. Jaffe is part of Nirav Modi’s business empire along withhis other US jewelry companies, Firestar Diamond and Fantasy. Paramount...
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Financial-Legal
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Jul 17, 2018
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Rapaport News
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Unique Designs to Buy Modi Company Inventory
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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...
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Retail
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Jul 15, 2018
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Rapaport News
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Nirav Modi Crisis Hits Gemfields
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Proceeds slumped at Gemfields’ May auction ofhigher-quality rough emeralds as the Nirav Modi fraud case hurt Indian demand,the miner reported last week. Most of the company’s emerald clients are based in India,where the gemstone...
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Gemstones
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May 27, 2018
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Rapaport News
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US Court Stalls $8M Sale of A. Jaffe
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The sale of A. Jaffe’s assets to Parag Diamonds is off forthe time being.The “sale motion” — a proposal to auction off A. Jaffe — has been withdrawn, according to a court notice the company’s lawyers filed last week. Parag, also...
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Financial-Legal
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May 24, 2018
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Rapaport News
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What We Know About Nirav Modi’s US Companies
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The $2 billion fraud allegations against Indian jewelrytycoon Nirav Modi and Gitanjali Gems chief Mehul Choksi have shocked theindustry, as well as raising questions about the wider impact on the trade.One of the first casualties...
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Financial-Legal
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Mar 07, 2018
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Joshua Freedman
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Modi Latest: Three Jewelers File for Chapter 11
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Three companies in Nirav Modi’s jewelry empire — A. Jaffe, FirestarDiamond, and Fantasy — have filed for bankruptcy in the US, with two of themhoping to find buyers soon.Indian investigators are probing allegations that Modidefrauded Punjab National...
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Financial-Legal
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Feb 28, 2018
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Rapaport News
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Modi Inaugurates Hari Krishna Cutting Center
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Hari Krishna Exports has become the first diamond company to open a manufacturing facility in Surat’s state-of-the-art Gujarat Hira Bourse, following a ribbon-cutting ceremony this week attended by Indian Prime Minister Narendra Modi.Hari Krishna’s new...
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Manufacturing
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Apr 19, 2017
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Rapaport News
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India's Attack on Cash
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India’s shock decision to abolish its higher-denomination currency notes will curb jewelry sales and diamond trading next year. Industry pundits have forecast the unorganized jewelry sector will bear the brunt of a sharp...
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Polished Markets
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Nov 17, 2016
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Avi Krawitz
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Normalizing the Diamond Trade
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The World Diamond Conference that took place last week in New Delhi, India, created a buzz in the industry that, frankly, needed a bit of a pick-up considering the state of the market. It’s not often that...
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Polished Markets
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Dec 19, 2014
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Avi Krawitz
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