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==History== ==History==
Mr. Nirav Modi comes from a family of diamantaires and grew up with the help of BJP and his close friend Narendra Modi.<ref>{{cite news|last=Bhatia|first=Gauri|title=Ring of confidence: India's cutting-edge jewelry billionaire|url=https://www.cnbc.com/2016/06/10/firestar-diamonds-nirav-modi-indias-cutting-edge-jewelry-billionaire.html|accessdate= 8 September 2016|newspaper= cnbc.com|date=10 June 2016}}</ref> His interest in art and design began at a young age by visiting various museums in ].<ref>{{cite news|last=Kaul|first=Anuradha|title=The Bling Maestro|url=http://www.niravmodi.com/2015/the-bling-maestro/|accessdate= 8 September 2016|newspaper= Millionaire Asia|date= 1 April 2015}}</ref> His interest in art and design began at a young age by visiting various museums in ].<ref>{{cite news|last=Kaul|first=Anuradha|title=The Bling Maestro|url=http://www.niravmodi.com/2015/the-bling-maestro/|accessdate= 8 September 2016|newspaper= Millionaire Asia|date= 1 April 2015}}</ref>


After moving to ] and training in all aspects of the diamond trading business, in 1999 he founded Firestar (Formerly known as Firestone), a diamond sourcing and trading company.<ref>{{cite news|last=Lall|first=Pavan|title=Can Nirav Modi win New York?|url=http://www.niravmodi.com/wp-content/uploads/2015/10/NIRAV_MODI_Article_Fortune_India_Oct_2015.pdf|accessdate= 7 September 2016|newspaper= Fortune India|date= 10 January 2015}}</ref> After moving to ] and training in all aspects of the diamond trading business, in 1999 he founded Firestar (Formerly known as Firestone), a diamond sourcing and trading company.<ref>{{cite news|last=Lall|first=Pavan|title=Can Nirav Modi win New York?|url=http://www.niravmodi.com/wp-content/uploads/2015/10/NIRAV_MODI_Article_Fortune_India_Oct_2015.pdf|accessdate= 7 September 2016|newspaper= Fortune India|date= 10 January 2015}}</ref>

Revision as of 11:27, 15 February 2018

Nirav Modi
IndustryJewelry
Founded2010
FounderNirav Modi
HeadquartersMumbai, India
Area servedWorldwide
Websitehttp://www.niravmodi.com/

Nirav Modi is a global diamond jewelry house established in 2010 by founder, Mr. Nirav Modi, a man thrown into notoriety for fraud allegations by Punjab National Bank (PNB) as part of a $1.8 billion, or Rs. 11,400 crore scam. Additional fraud allegations and some frauds have been made by Bollywood and Hollywood actor Priyanka Chopra. The company has its headquarters in Mumbai, India.

History

His interest in art and design began at a young age by visiting various museums in Europe.

After moving to India and training in all aspects of the diamond trading business, in 1999 he founded Firestar (Formerly known as Firestone), a diamond sourcing and trading company.

Inspiration

In 2008, a close friend asked Nirav Modi to make a pair of earrings. Months into designing and sourcing the right diamonds, he discovered his flare and passion for jewelry that eventually led to the making of the brand.

2018 Investigation

Further information: Punjab National Bank Fraud Case, 2018

In February 2018, the Indian government's Central Bureau of Investigation (CBI) launched an investigation into Modi. The CBI is acting on a complaint from the Punjab National Bank, a state banking institution, that alleges Modi and his partners defrauded the bank for INR 280 Crore (approximately USD 40 million). While INR 280 Crore is the fraud that has devolved to date, the potential liability of loss to Punjab National Bank goes well upto 11000 crore. The enforcement directorate (ED) is looking into the case of fraud that the CBI has registered against Nirav Modi and his associates for cheating over Rs 280 crore as cited by Punjab National Bank (PNB).

Achievements and Recognition

  • In 2010, Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogues.
  • The Golconda Lotus Necklace, featuring a rare 12.29 carat Golconda diamond, pink diamonds and exclusive Ainra® cut diamonds, sold at Christie’s Hong Kong auction in November 2010.
  • The Riviere of Perfection, featuring 36 flawless white diamonds weighing a total of 88.88 carats, was sold at Sotheby’s Hong Kong auction in 2012.
  • In 2013, Mr. Nirav Modi was featured on the Forbes list of Indian billionaires and has been featured on the list ever since.
  • Nirav Modi jewels have been worn by Indian and International style icons including Kate Winslet, Rosie Huntington-Whiteley, Naomi Watts, Coco Rocha, Lisa Haydon and Aishwariya Rai.

Stores

In 2014, Mr. Nirav Modi opened his first flagship store at Defence Colony, New Delhi, followed by a store at Kala Ghoda, Mumbai in 2015. NIRAV MODI launched globally with boutiques in New York City and Hong Kong in 2015, followed by two other boutique launches in Hong Kong in 2016. The most recent NIRAV MODI boutiques opened in London on Bond Street and at MGM Macau

References

  1. Becker, Vivienne (1 July 2016). "High jewellery with millennial attitude". howtospendit.ft.com. Retrieved 7 September 2016.
  2. "Nirav Modi case: How PNB was defrauded of Rs 11,400 crore". www.businesstoday.in. Retrieved 2018-02-15.
  3. "PNB scam after effect? Priyanka Chopra sues Nirav Modi over non-payment of dues, Sidharth Malhotra keen to cut ties | Latest News & Updates at Daily News & Analysis". dna. 2018-02-15. Retrieved 2018-02-15.
  4. Kaul, Anuradha (1 April 2015). "The Bling Maestro". Millionaire Asia. Retrieved 8 September 2016.
  5. Lall, Pavan (10 January 2015). "Can Nirav Modi win New York?" (PDF). Fortune India. Retrieved 7 September 2016.
  6. Kaul, Anuradha (1 April 2015). "The Bling Maestro" (PDF). Millionaire Asia. Retrieved 8 September 2016.
  7. Editorial, Reuters. "Indian billionaire jeweller investigated over bank fraud". U.K. Retrieved 2018-02-06. {{cite news}}: |first= has generic name (help)
  8. "Enforcement Directorate files money laundering case against billionaire jeweller Nirav Modi". Scroll.in. 15 February 2018. Retrieved 15 February 2018.
  9. Sharma, Purinma (23 February 2013). "On the rocks". The Times Of India. Archived from the original on 8 May 2013. Retrieved 7 September 2016. {{cite news}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  10. Newman, Jill (1 September 2015). "Kid rock". Robb Report. Retrieved 6 September 2016.
  11. Karmali, Naazneen (7 March 2013). "Indian Jewelry Designer Is New Billionaire". Forbes. Retrieved 7 September 2016.
  12. Liu, Ming (30 September 2014). "Asian jewellery designers harbour global ambitions". Financial Times. Retrieved 8 September 2016.
  13. "Jewels: The Hong Kong Sale". 29 March 2010. Retrieved 6 September 2016.
  14. Rathore, Vijaya (24 January 2014). "Nirav Modi's Rs 50 cr diamond necklace to be the star of Sotheby's auction". Economic Times. Retrieved 6 September 2016.
  15. "SUPERB DIAMOND NECKLACE". 20 June 2012. Retrieved 6 September 2016.
  16. Barsamian, Edward (28 February 2016). "Kate Winslet on What It's Really Like to Dress for the Oscars". Vogue. Retrieved 7 September 2016.
  17. Dobson, Jim (25 September 2015). "Nirav Modi, India's Billionaire Diamond King Opens New Boutique in New York". Forbes. Retrieved 8 September 2016.
  18. Saini, Mayu (22 September 2015). "Indian Jeweler Nirav Modi Opens New York, Hong Kong Stores". wwd.com. Retrieved 8 September 2016.
  19. Kahle, Laurie (17 September 2016). "Nirav Modi Unveils High Jewelry At Paris Biennale Des Antiquaires Before London Boutique Debut". Forbes. Retrieved 9 October 2016.
  20. Daswani, Kavita (19 September 2016). "Nirav Modi: the diamond master opens his first boutique in Macau". South China Morning Post. Retrieved 18 November 2016.
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