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The Business of… Diamonds

Everyone knows they’re a girl’s best friend, but did you know they’re in reality worth much, much less than you pay for them? Kipp gets a sparkle in its eye…

August 10, 2010 4:23 by

Jewel heist

Whether they fund war or are artificially priced, people want diamonds. Badly. In Britain’s biggest-ever jewel heist, a gang of four thieves last year stole a reported $65 million worth of jewelry and diamonds from Mayfair’s Graff Diamonds. The four wore rubber masks and held employees at gunpoint, as one of the staff was ordered to empty display cases containing dozens of pieces of jewelry – including a diamond necklace valued at £3.5 million, the Telegraph reported.

Costumed in professional makeup, the crew used a series of getaway cars to make their escape. It didn’t help in the end – they were caught and sentenced to lengthy prison terms last week, charged with conspiracy to rob and other crimes.

“Graff Diamonds, owned by the billionaire tycoon Laurence Graff, 72, lost more than £6.6m as a result of the robbery,” the Guardian reported. We’re sure they are insured.


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