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

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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 

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