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Former Diamantaire Nirav Modi's Gems on Sale to Pay Off $1.5 Billion Debt


The gems confiscated from Nirav Modi, a former Indian diamantaire accused of fraud and money laundering, will be put up for sale by the government of India to recover a portion of the $1.5 billion he owes.


The collection consists of 40,000 carats of diamonds, emeralds, and other precious stones, including a Golconda diamond that is over 10 carats.


According to the Ministry of Finance, the auction will be conducted in two stages, with the first stage featuring high-value stones, while the second stage will include smaller ones.


The sale is expected to generate approximately $8 million to $12 million, which will be used to pay off some of Modi's debt.





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