The Nirav Modi-PNB fraud: Mumbai’s merchant of diamonds and dreams

Actor Lisa Haydon posing with a Nirav Modi creation

In 2010, Nirav Modi — fresh off capitalising on the 2009 recession by purchasing choice diamonds at low prices — set up his eponymous jewellery brand debuting the Golconda Lotus necklace that Christie’s, Hong Kong acquired and auctioned. The piece was sold at a whopping ₹16.9 crore, unprecedented at the time, especially since he was a relative newcomer in jewellery circles.

In the past, auction houses like Christie’s only dealt with brands that have been around for several decades. The sale helped Modi set up 14 boutiques all over the world including New York, Las Vegas, Hong Kong, London and Beijing. Today the Nirav Modi brand focuses on high-end jewellery with a strong emphasis on diamonds, along with some pieces crafted in gold and precious gems.

His designs, ranging from earrings, necklaces, bracelets and bangles to wedding bands and cufflinks are minimalist and understated, designed for a seemingly global audience. To say the typical Nirav Modi client is a high net worth individual is an understatement: his jewellery ranges from ₹2 lakh going up to hundreds of crores. In November 2017, Modi’s most expensive piece, the Mogok Ruby Suite (necklace, earrings and bracelet) hit the market retailing at ₹105 crore.

Celebrity endorsements

Hollywood actors like Sharon Stone and Naomi Watts have been photographed alongside Modi at the launch of his New York store in 2015. Recently, hoardings with Modi’s brand ambassadors Priyanka Chopra, actor Lisa Haydon, Romanian Victoria’s Secret model Andreea Diaconu and English actor Rosie Huntington-Whiteley have been seen all over the country.

Since 2015, his creations have regularly appeared on the red carpet.

Rogue One star Daisy Ridley wore their designs at the Met Gala in 2017. Academy Award winner Viola Davis donned a diamond necklace and Sarah Paulson (

American Horror Story ) opted for a pair of earrings and cuff at the 2017 Annual Screen Actors Guild Awards. Other stars spotted wearing Modi’s designs are

Empire star, Taraji P. Henson at the 2017 Academy Awards; TV star Yvonne Strahovski at the 2018 Annual Screen Actors Guild Awards; Victoria’s Secret model Stella Maxwell, Kate Upton and Olivia Munn who were all seen at the 2017

Vanity Fair Oscar party.

Others who have been spotted sporting Modi baubles include Michelle Williams (at the BAFTA Tea Party last year, Amy Adams (at the 2017 Critics Choice Awards); Margot Robbie (at the Marie Claire Image Makers awards 2017); and Kate Winslet (for the premiere of her film The Dress Maker ).

The rich and famous

In November last year, Nirav Modi played host to the one of the world’s most celebrated chefs — Massimo Bottura. The guest list was star-studded — Sonam Kapoor, Mira Rajput Kapoor, Vikas and Gayatri Oberoi, Swati Piramal, and Bottura himself prominently seen wearing a Modi bracelet.