Nirav Modi is an Indian businessman and fugitive. He is the founder of Nirav Modi chain of diamond jewelry retail stores.
Nirav Modi Net Worth
Nirav Modi used to have a net worth of $1.8 billion. However, Forbes estimated that his fortune now is less than $100 million.
Modi owns Firestar Diamond Pvt. Ltd. based in Mumbai, India which was reported to have $2 billion in sales. The company has successfully established itself as a giant in the diamond and jewelry industry. Firestar is involved in the procurement of raw materials to the design, manufacture, distribution of their jewelry. Aside from this, he also founded the Norav Modi chain of diamond jewelry retail stores.
He also does not shy away from buying himself luxury items such as Jaeger-LeCoultre limited edition watches and paintings by famous Indian artists Amrita Sher-Gil and MF Husain.
It is known that Nirav Modi wants to be the Cartier of India and is very hands-on with his retail stores across the globe.
Nirav Modi was born on February 27, 1971, in Palanpur, Gujarat, India and was raised in Antwerp, Belgium. His father is Deepak Modi and their family has been in the diamond industry for several generations. When Nirav was 19 years old, he and his father moved to Mumbai to work in his uncle’s business. His uncle is Mehul Choksi who is the head of Gitanjali Group, a retail jewelry company with over 4,000 stores in India. Gitanjali is committed to developing fine jewelry meets technology and innovation.
Modi went to Wharton School at the University of Pennsylvania but dropped out to focus on business. At Wharton, he met his future wife, Ami, who is also the daughter of a diamond businessman named Amukuraj Choksey.
Nariv Modi founded Firestar in 1999. The company is involved in sourcing, designing, trading and distributing diamonds. Firestar is also the exclusive distributor of Rio Tinto’s Argyle pink diamonds in all ofIndia.
In 2010, he established Nirav Modi chain of diamond retail stores. Following the success of the chain, 17 other stores in different countries were opened. In 2015, stores were opened in New York City and Hong Kong. Two other boutiques opened in Hong Kong the following year.
Around 2017, Modi was on Forbes’ list of billionaires but this all came crashing down due to fraud. He was investigated in the $2 billion Punjab National Bank (PNB) fraud case. He was charged by the Indian government for embezzlement, money laundering, fraud, criminal conspiracy, criminal breach of trust, breach of contract, cheating, and corruption.
He left India with his family and was later arrested in London. Indian authorities are fighting for extradition so he can be held accountable in India, while his lawyers are disputing this, stating his mental health is at risk.
Nirav Modi Dating History
He is married to Ami Modi. They met when they were students at the Wharton School of the University of Pennsylvania, although Nirav dropped out after a year to focus on his business.
Ami is in charge of the “Nirav Modi Scholarship for Excellence,” which supports 250 students every year.
They have two daughters and one son.