JEWELRY

Pink diamond ring worth $35 million pulled from Christie’s auction was at center of psychic scheme

A spectacular 13.15-carat pink diamond ring worth up to a staggering $35 million was pulled from Christie’s New York auction at the last minute – after it was discovered it was part of an elaborate $90 million jewelry heist involving a Florida psychic.

The suspected swindler, John Lee, 56, of New Jersey and Florida, has been charged with wire fraud, mail fraud and interstate transportation of stolen goods, according to the US Attorney’s Office for the Middle District of Florida. If convicted, he faces 20 years behind bars on each charge.

The signature ring described by Christie’s as ‘a phenomenon in the world of rare diamond,’ was set to be shown publicly to prospective buyers in Hong Kong and New York City, but it was later revealed that it was part of an elaborate $90 million jewelry heist that involved an employee of a wealthy individual in Doha, Qatar.

The person who was employed by the wealthy resident reached out to Lee on an online platform seeking ‘relationship and love advice,’ but instead ended up helping steal $90 million dollars worth of jewelry, court records revealed, first reported by CourtWatch.

Seventeen pricey gems were snatched from the safe of the employer back in August and mailed to Lee, the authorities said. Christie’s was set to auction off the rare stone December 6, 2022 until the FBI intervened.

The suspected swindler, John Lee, 56, of New Jersey and Florida, has been charged with wire wire fraud, mail fraud and interstate transportation of stolen goods, according to the US Attorney’s Office for the Middle District of Florida

The pink diamond ring described by Christie’s as ‘a phenomenon in the world of rare diamond,’ was set to be shown publicly to prospective buyers in Hong Kong and New York City, was estimated

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JEWELRY

California Court Blames Sotheby’s For Loss of $4 Million in Diamonds

A federal judge in California has ruled that Sotheby’s may be responsible for the loss of 45 Vivid yellow diamonds worth $4 million, IDEX Online reports.

 

In 2019, M&L Financial, a consulting and brokerage firm based in Dallas, Texas, took the gems to Sotheby’s New York for auction on consignment. They told Sotheby’s that they were the exclusive owners of the diamonds but later, according to papers from the Superior Court of Los Angeles County, the auction house released the gems to another party without telling the company.

 

According to court papers, Jona Rechnitz, owner of Jadelle Jewelry and Diamonds in Beverly Hills, owed M&L “substantial” sums. As security for his debt, he transferred ownership of the diamonds to M&L on the understanding that he could later buy them back at a fixed price. Rechnitz proposed M&L list the diamonds with Sotheby’s. Supposedly, Sotheby’s later released the diamonds to a man who was picking them up on Rechnitz’s behalf. The auction house did not notify M&L. 

 

In its judgment, the California court reversed a judgment by a lower court and found against Sotheby’s. It said it was reversing “the judgment and remand for further proceedings regarding M&L’s breach of contract claim. We award costs to M&L.”

 

Fancy Color
Credit: Moti Israeli Diamonds

Tags: Diamonds News, Jewelry News, Diamond Industry News, Diamond Jewelry News

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JEWELRY

Long-lost Elvis Presley jewelry is headed for auction

File video above: Iconic Elvis Presley memorabilia auctioned in 2021From sparkling jumpsuits to diamond-studded rings, Elvis Presley loved all things glittery — as do collectors of his memorabilia. But much of the jewelry famously gifted by the singer to his manager Colonel Tom Parker was long considered lost.Now, decades after the items were last seen, a California auction house has tracked down dozens of the jewels ahead of a major sale.The glitzy gifts given to Parker include an 18-karat gold Corum watch, which features a 130-year-old $20 coin on the dial, as well as a pair of Presley’s custom cufflinks reading “rock” and “roll” on their undersides.Also featured in the auction are items Presley had custom-made for Parker, the man often credited with making him a star. They include a pair of diamond and ruby snowman-shaped cufflinks, which the singer purchased for his manager to commemorate the success of the history-making “Aloha From Hawaii” satellite broadcast in 1973. (According to the auction catalog, Parker was nicknamed the “Snowman” and his bejeweled cufflink snowmen are depicted smoking cigars.)Brigitte Kruse, the founder and CEO of Kruse GWS Auctions, said she spent almost 10 years trying to source Parker’s personal collection and bring it to market.”I was told (in 2014) by a major collector and someone in the business for 30 years that ‘the most important Elvis jewelry collection of all time is out there and up for grabs,'” she told CNN via email.After years of dead ends searching for the “lost” collection, Kruse said learned of a financial dispute that had kept the items out of the public eye for nearly five decades. Eventually, one of the auction house’s clients negotiated a price for the items and purchased them, she said.”It was … a collection that we (had) all ‘heard … Read the rest

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