RAPAPORT… A selection of jewelry and intellectual property belonging to Nirav Modi’s Firestar
Diamond and Fantasy businesses will be up for auction at the JCK Las Vegas show.
The sale will feature $3.5 million worth of Nirav Modi jewelry, including wedding bands, bracelets and necklaces. Purchasers will also be granted the patents to reproduce the
jewelry in the US and other countries, according to the Gem Certification and Assurance Lab (GCAL), which is organizing the event.
Firestar’s liquidators have already auctioned several of the
lots from Modi’s US companies, including the trademark rights to “Diamonds Are
a Girl’s Best Friend,” which was purchased for $50,000 in October.
The sale will take place on June 7 at GCAL’s JCK booth. It is the eighth in a series of sales of Modi’s US assets. The Indian jeweler, who allegedly defrauded Punjab National Bank of $2 billion, was arrested in London in March.
Image: Firestar jewelry that will be offered at the auction. (Gem Certification and Assurance Lab)
Nirav Modi Assets Set for Vegas Auction
The Bottom Line
- The auction includes $3.5 million worth of Nirav Modi jewelry such as wedding bands, bracelets, and necklaces.
- Buyers will receive patents to reproduce the jewelry in the US and other countries, as organized by GCAL.
- This is the eighth auction of Modi’s US assets following his arrest over a $2 billion fraud involving Punjab National Bank.
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