Headlines

A. Jaffe to Be Sold in $5M+ Deal

Published

6 years ago

July 17, 2018

INSTORE Staff

It’s part of the Nirav Modi empire.

A. Jaffe, a jewelry supplier that is among the holdings of jeweler Nirav Modi, is being sold for $5.2 million, Rapaport News reports.

The buyer is Paramount Jewels.

A. Jaffe was part of a U.S. Bankruptcy Court filing in February. Modi’s Firestar Diamond Inc. and Fantasy Inc. were also included.

The bankruptcy filing came amid news that Modi was being investigated by Indian authorities in connection with a massive bank fraud case.

In May, Paramount Gems, an affiliate of Paramount Jewels, had been set to purchase A. Jaffe after placing the winning bid of $8 million, but the deal was canceled. A judge had delayed that deal, saying he needed more information about the value of A. Jaffe and the firm’s relationship with Modi, Rapaport explains.

Read more at Rapaport News

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”