Skip to comments.Sheriff holds 180,000-carat emerald
Posted on 12/28/2008 11:06:17 AM PST by xcamel
LOS ANGELES, Dec. 27 (UPI) -- The Los Angeles County Sheriff's Department says it is holding an emerald estimated to be worth as much as $370 million while the stone's owner is determined.
A department spokesman said the 850-pound gem will be in safekeeping until a federal judge determines who rightfully owns it.
The "Bahia Emerald" was reported stolen in September from a secured vault in South El Monte, Calif.
CNN reported the emerald has been at the center of a dispute between a California man who claimed ownership, a company with which he contracted to sell it and a potential buyer.
It is alleged the gemstone's owner tried to go around the broker, who received a $19 million offer, and sell the emerald to the same buyer for $75 million.
The Brazilian stone was located in a Las Vegas warehouse, where the person in possession claimed to be the rightful owner, Los Angeles Sheriff's Lt. Thomas Grubb said.
A federal judge ordered the Los Angeles County Sheriff's Department to hold the 180,000-carat emerald until he can sort out the legal issues, Grubb said.
That is one BIG emerald!
Might be worth more ground up and made into an acre of sandpaper.
OK! They had an offer of nineteen million, tried to sell it for seventy-five million but it’s worth three hundred and seventy million? I guess I’m not up on gem marketing.
Thank you - pictures of that stone are very hard to come by....
180 000 carats = 79.3664144 pounds
Ice melts in evidence rooms all the time !
The bozo reporter or cop who went to a california school
can’t get it straight. Gem is about 79.37 pounds.
1 carat = .0070548 oz.
Believe it or not but a millennium ago emeralds were ground up as a paint pigment.
Yeah, the total weight of the substrate and crystals is 850 lbs.
The reporter is a moron.
I bet there is a tax angle here also....I am sure sales or whatever tax that applies to gems was never paid...
"I agree with the poster who found this story implausible. There are good quality roads, etc. in Bahia. As for the estimate of 180,000 carats. B***shit. It appears that much of the 850 lbs is just matrix holding the emeralds together - not uncommon. By result of their chemical composition and ultimate formation, "flawless" (as often related to daimonds) is impossible in emeralds.
Until the matrix is washed off and every single crystal examined and graded, there is no way to estimate the value. Like all commodoties, emeralds are subject to market forces of supply and demand. That is one reason that deBeers tries so hard to stop the sales of so-called synthetic diamonds (produced in the lab - are just as real as those in nature).
As soon as diamonds (or emeralds) were to become 'pedestrian', the cartels that control production would not longer be able to control pricing. Same is true of oil...anything else one wants to consider. all in all, this story is just that...a big story filled with media savvy embellishment."
—sounds about like media estimates of numbers of people at left-wing marches in Washington, DC—
Los Angeles County Sheriff?
OK, the owner had better show up quick or the gem will be lost for good.
Definitely something fishy. Either this story is all screwed up, and the reporter is a moron, or there's something fishy. Maybe someone stole it. Maybe someone smuggled it into the country and was trying to sell it without declaring it or paying taxes. Maybe the intermediary was a professional fence. You might settle for a quarter of the value or less if you had to work under the table.
I hope they have 24/7 security that is better than a beat cop.
Maybe like a small contingent of Marines.
You mean like the 20 to 550 million that are expected to show up there on the 20th of next month?
—yep—or “estimates of the projects’ cost range from $20 billion to $300 billion”—
I had a girlfriend, many years ago, whose eyes were that color. Her stares could burn holes in your soul. She married my best friend, they have six kids and now she weighs close to 300lbs.
This is just wonderful, a federal judge to declare who the owner of this is. I'm sure he'd love to declare the state the owner of it.
Can I apply for ownership? It’s hard to find a good emerald. LOL
naw - just half of it in sales tax, plus luxury tax and windfall profit tax.
I’m sure the real owner can have what left after court costs and lawyer fees.
Thank God someone found my emerald! I’ve been looking everywhere for it!
Oh gee I didn’t realize it was gone! Please send it to......!
Personal exeperince or just don’t like LEO’s in general?
so those green things are emeralds? *goes to fill hole back in*
Why THANK youuu!
The so-called “Bahia Emerald” was recovered last Friday in Las Vegas, according to a sheriff’s department news release.
The gem was stolen from a secured vault in South El Monte in September and later warehoused in the Nevada gambling town, said Lt. Thomas Grubb of the sheriff’s Major Crimes Bureau.
Investigators suspect someone used falsified papers to remove the stone from the secured vault in California, although no criminal charges have been filed, Grubb said.
While Grubb said it was his understanding the stone had been appraised at $370 million, the value is unclear.
The company hired by the owner to sell it said in court papers it had received a $19 million offer, which the company wanted to accept.
It alleged the gemstone’s owner then tried to go around the broker to sell the emerald to the same buyer for $75 million.
At one point, the emerald was listed for sale on eBay for a “buy it now” price of $75 million.
The investigation led sheriff’s officials to Idaho and Las Vegas. When the suspects learned that deputies were hot on their trail, they agreed to hand over the gem. On Dec. 19, sheriff’s investigators arrived in Las Vegas with a court order and took possession of the stone. No arrests were made.
The true value of the turd in question is $40,000.00
I have green eyes. Also love emeralds. My husband says when I have red bloodshot eyes “it looks like Christmas.” Green eyes are good for a stare-down, I’ll vouch for that. Glad you dodged the 300 pounder!
I found a great big gorgeous emerald on Ebay a few years ago in an 18kt ring setting. It’s still my favorite ring. Got a good deal on it, my jeweler said the setting alone was worth the price I paid. Emeralds are my favorite.
I love them; but have never found a really good one. You were lucky; especially on ebay.
Personal experience. One night a few years ago, our van got stolen. Early the next morning, I got a call from a 7-11 liquor clerk. He said: “hey, sir, (after a few explanation as to how he got my number)...your van is parked in front of the store...but you want to hurry up and come ‘cause the sheriff department is coming down to ‘impound’ it.” I said, “tell them that the owner is on his way.”
I got there within half an hour, but the van is already gone — the sheriff’s office took it away.
I ended up paying the sheriff’s office $300 (for handling fee, I supposed) to get my van out of the impound lot.
Question is why do the Sheriffs have to do that when they already know that the owner is coming to retrieve it?
Yes, I have a very negative impression of the sheriff’s office, thank you.
Thank you for the reply.