Nirav Modi
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Biographical highlights
Hollywood stars glittered in his gems on red carpet, February 15, 2018: The Times of India
the Punjab National Bank fraud case
From: Hollywood stars glittered in his gems on red carpet, February 15, 2018: The Times of India
His PR Machine Ensured Global Media Adulation
Diamonds always draw attention but it’s rare when the diamantaire seems to shine brighter than the stones he sets.
Despite making a late entry into the retail business in 2010, Nirav Modi quickly gained a reputation as India’s jeweller to the stars as Hollywood A-listers from Kate Winslet and Dakota Johnson to Taraji P Henson walked the red carpet in diamonds from his eponymous brand.
Late last year, Priyanka Chopra was roped in as brand ambassador. By 2013, he had made it to the Forbes’ billionaires list.
The allegations of bank fraud that have emerged against Modi tarnished a brand that had been as carefully crafted as his signature stretchable bracelets. His public relations team made sure he got his share of flattering profiles in the media.
One luxury writer from Los Angeles was clearly floored after Modi closed his entire Delhi store “just for me” so that the journalist could “experience the luxury that most wealthy buyers have”, and drove him to the airport afterwards.
Though Modi, 48, comes from a family of diamond brokers in Antwerp, Belgium, and grew up in the trade, he’s often told journalists that he didn’t plan to join the business. He got into Wharton, studied finance for a year, dropped out and decided to get into diamond trading after all. As a 19-year-old, he was sent to Mumbai to learn the ropes from his maternal uncle Mehul Choksi, chairman of Gitanjali Gems.
In 1999, he set up Firestar Diamond to source rare diamonds, and acquired a string of international companies that helped him build his network and get into contract manufacturing.
Apart from India, it has manufacturing units in Russia, Armenia and South Africa. It was in 2008 that a request from a friend for a rare piece of jewellery got Modi interested in retail.
Modi opened his first flagship boutique in New Delhi’s Defence Colony in 2014; a store in Mumbai’s Kala Ghoda followed the next year. At the glittering opening of his Madison Avenue store in New York in 2015, actors Naomi Watts, Nimrat Kaur and Lisa Haydon, and model Coco Rocha were among the celebrities who showed up. He also has boutiques in London, Singapore, Beijing and Macau.
Last year, he purchased Rhythm House, the iconic Mumbai music shop, for a reported Rs 32 crore with plans to turn it into a retail space.
Modi, who is often described as soft-spoken and unassuming, is reported to have strategically picked up rare diamonds at bargain prices during the slowdown in 2009. The move paid dividends. In November 2010, Christie’s auctioned his Golconda Lotus Necklace with a flawless 12-carat Golconda diamond for over Rs 16 crore—and put it on the cover of its auction catalogue, the first for an Indian jeweller without a 100-year history.
Modi can’t draw, but explains his ideas to his craftspersons, who go back and forth with the designs and prototypes until they match the vision in his head, he’s told the media. For now at least, his vision of building a high-end global brand and taking his company public through an IPO may have to be shelved.
