Nirav Modi-linked Firestar Diamond stock to go on sale

Mumbai: Days after a UK court rejected fugitive diamantaire Nirav Modi's petition to reopen his extradition order, an exquisite stockpile of gems and jewellery from his former group company, Firestar Diamond International (FDIPL), is set to go under the hammer as part of liquidation proceedings.

The e-auction, scheduled for April 27 under the Insolvency and Bankruptcy Code (IBC), will be conducted under the supervision of the National Company Law Tribunal (NCLT), Mumbai. It involves the sale of the company's "precious inventory" that was earlier attached by the Enforcement Directorate and later released for liquidation.

The assets on the block comprise a wide spectrum of high-value and commercial-grade jewellery. At the core of the sale are natural loose diamonds, along with finished jewellery pieces including gold, silver and platinum rings studded with natural diamonds and cubic zirconia stones.

The price range of the pieces is estimated between ₹4 lakh and ₹18 lakh. Key lots include three parcels of gold rings studded with natural diamonds, weighing 144.52 carats, 125.16 carats and 206.57 carats, along with 473 natural loose diamonds aggregating over 220 carats.

Modi and his uncle Mehul Choksi are wanted in the Punjab National Bank scam case. The case dates back to 2018, with ED and CBI probing the scam.

The inventory spans both premium and mid-market segments, ranging from high-value diamond-studded pieces to more affordable jewellery embedded with synthetic stones. Industry participants expect the auction to attract a mix of bulk buyers, exporters and domestic jewellery manufacturers seeking discounted inventory.

The liquidator has specified that the sale will be conducted on an "as is where is" and "no recourse" basis, placing the responsibility of due diligence on bidders. Qualified bidders will be granted access to a virtual data room containing reports and certifications from the Gemmological Institute of India (GII), including diamond grading reports, jewellery identification reports and metal purity test results.

Bidders likely to independently assess the assets based on these documents, as physical inspection details remain restricted.

The inventory is currently stored in high-security vaults and currency chests of select public sector banks at undisclosedlocations.