Paramount Acquires A. Jaffe for $5M

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.