Paramount Buys Modi Jeweler for $5M

RAPAPORT... Paramount Jewels has bought New York-based jewelry supplier A. Jaffefor $5.2 million, according to court documents.A. Jaffe is part of Nirav Modi's business empire along withhis other US jewelry companies, Firestar Diamond and Fantasy. Paramount willacquire its inventory, intellectual property, customer information, futureincome from customers' unpaid bills and other assets related to the business. Paramount Jewels' affiliate, Paramount Gems, previously wona bid to buy A. Jaffe for $8 million in May. The court called the deal offlater 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'sinventory with an offer of $725,983.Firestar, Fantasy and A. Jaffe filed for Chapter 11bankruptcy in the US in February after Indian investigators began a fraud probeinto Modi.