40 kg gold, diamonds from Nirav Modi’s Firestar International up for sale

In a significant move to liquidate assets for creditors, the liquidator of Firestar International Limited has announced an e-auction for a substantial inventory of precious jewellery, gold, and natural diamonds. The sale features five distinct lots with a combined weight of over 40 kilograms of gold and hundreds of carats of diamonds.

The e-auction is scheduled for October 9, 2025, between 1:30 PM and 3:30 PM on the Baanknet platform.

The assets, which were released by the Directorate of Enforcement (ED), form part of the liquidation estate of Firestar International Limited. The company was admitted for Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Mumbai Bench, on August 10, 2021, and Mr. Santanu T Ray was appointed as the liquidator.

Key Details of the Auction Lots:

• Option A: Features gold rings studded with diamonds, other studded jewellery, and non-studded gold jewellery. Total net weight: 2,691.993 grams of gold and 35.334 carats of diamonds. (EMD: ₹11,50,000)
• Option B: Includes studded gold rings, non-studded gold items, and a significant lot of 480.680 carats of loose natural diamonds. (EMD: ₹11,30,000)
• Option C: Comprises studded gold rings and bulk gold granules. Total net weight: 1,899.789 grams of gold and 49.45 carats of diamonds. (EMD: ₹18,40,000)
• Option D: Contains studded gold rings and bulk gold granules/rods. Total net weight: 2,062.607 grams of gold and 50.56 carats of diamonds. (EMD: ₹11,40,000)
• Option E: The largest lot, featuring heavily studded gold rings and a bulk mix of metal jewellery, granules, and dust from gold, silver, copper, and zinc. Total net weight: 33,617.16 grams of metal and 78.61 carats of diamonds. (EMD: ₹13,00,000)

Important Information for Bidders:

• Reserve Price: Notably, the reserve price for each lot will only be declared on the date of the auction, October 9, 2025.
• Certification: The liquidator has obtained certification for the items from the Gemmological Institute of India (GII). Certificates on authenticity, purity, and grading will be made available to qualified bidders in a data room.
• Inspection Deadline: Physical inspection of the assets must be completed by October 4, 2025, strictly by prior appointment.
• EMD Submission: The last date for qualified bidders to submit the Earnest Money Deposit (EMD) is October 7, 2025.

The sale is conducted on an “as is where is” basis. The liquidator has clarified that he will not be responsible for any item after handover to the winning bidder and reserves the right to cancel or modify the auction process without assigning any reason.

Interested parties must register on the Baanknet auction platform and carefully review the eligibility criteria, including a declaration under Section 29A of the Insolvency and Bankruptcy Code.

Firestar International was one of the primary companies at the heart of the PNB loan fraud, allegedly perpetrated by diamantaire Nirav Modi and his uncle Mehul Choksi. The scandal, which erupted in early 2018, involved the fraudulent issuance of Letters of Undertaking (LoUs) from PNB’s Brady House branch in Mumbai.

• CIRP Initiation: The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted the company for Corporate Insolvency Resolution Process (CIRP) on August 10, 2021, following a petition filed by the Punjab National Bank itself.
• Failed Resolution: Like its sister concern Gitanjali Gems, no successful resolution plan was found for Firestar International. With the CIRP process yielding no results, the company was ordered to be liquidated, and Mr. Santanu T Ray was appointed as the liquidator to realise its assets for distribution to creditors.
• Massive Claims: The company faced enormous claims from banks and operational creditors, contributing to the total fallout of the scam, which is estimated to have exceeded ₹14,000 crore.

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