NIRAV MODI is a global diamond jewelry house established in 2010 by founder, Mr. Nirav Modi. The company has its headquarters in Mumbai, India.
In recent times, life for 47-year-old billionaire Nirav Modi, the person at the centre of the $1.77 billion fraud at Punjab National Bank, has been anything but sunny. A multifaceted businessman with Gujarati roots, Nirav Modi knows how to run a company.
Who is Nirav Modi?
Nirav Modi, the billionaire in the middle of this controversy, is a luxury diamond jewellery designer who was ranked #57 in the Forbes list of India’s billionaires in 2017. He is the founder and creative director of the Nirav Modi chain of diamond jewellery retail stores, and is the Chairman of Firestar International, the parent of the Nirav Modi chain, which has stores in key markets across the globe.
His designs have been worn to the Oscars by ‘Hidden Figures’ star Taraji P. Henson and to the Golden Globes by Dakota Johnson, among others. Actor Priyanka Chopra is the brand ambassador.
Coming from a family of diamantaires, Modi developed an interest in art and design as he grew up in beautiful Belgian city of Antwerp. Modi, then dropped out of Wharton Business School before travelling to India where he began his eponymous Asian jewellery brand
Modi hit a jackpot by grabbing eyeballs with his nuanced necklace in pink and colourless diamond in 12.29 carat Goloconda diamond. Called the Golconda Lotus necklace, it caused a stir when it went under the hammer at a Christie’s auction in Hong Kong in 2010 for $3.6 million.
Although the diamond business ran in the family, Modi’s tryst with jewellery designing was a matter of chance. As a youngster, he aspired to be a music conductor, reported Mint. His love for music systems made him travel the world scouting for the best from companies like Bang and Olufsen.
Modi, then with his brother Nishal decided to make it big in the business with the help of their maternal uncle Mehul Choksi, owner of the well-known Gitanjali Gems. He is the only Indian jeweller to have four globally patented diamond cuts to its credit, namely– Endless, Jasmine, Mughal and Ainra Cut.
In 1999 he set up Firestar Diamond– diamond sourcing and trading company. He has opened boutique stores across the world – from Madison Avenue in New York to London’s Bond Street, and from Honolulu in Hawai to Macau, Hong Kong and Beijing.
Modi is ranked 1,234 in Forbes’s world’s billionaires list for 2017, and 85 in India. His financial worth is estimated at $1.73 billion through his jewellery design and retail businesses, according to the Forbes website.