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FedEx Worker Pawned $36,000 of Jewelry Instead of Delivering It, Police Say

He allegedly received $6,000 for the merchandise.

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A Cincinnati man who worked for FedEx is accused of stealing jewelry rather than delivering it.

Terry Hagood was charged with two counts of theft and has pleaded not guilty to both, WKRC-TV reports.

The jewelry in question, worth $36,000 in two shipments, was bound for Quality Gold, police say.

Instead of delivering it, Hagwood allegedly took the jewelry to Queen City Pawn.

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Authorities say he received $6,000 for the merchandise. The crimes are alleged to have taken place in September.

Bond for Hagwood was set at $2,000. He was being held in Hamilton County, OH.

According to WXIX-TV, it was a FedEx corporate security specialist who filed a police report accusing Hagwood of theft.

Read more at the WKRC-TV

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Jewelry Insurance Startup Firm Raises $2M

The founder is a third-generation jeweler.

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BriteCo, a jewelry-insurance startup company, announced a $2 million seed round.

The round’s investors include Brian Spaly, the founder of Trunk Club; and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.

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The firm provides verified appraisals and immediate replacement coverage by HDI global, an A-rated insurance carrier, according to a press release.

“As a third-generation jeweler, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives,” said Dustin Lemick, BriteCo founder and CEO.

“But the jewelry buyer is changing rapidly. Millennials now represent the largest jewelry buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewelers by providing them with the optimal blend of online convenience and personal attention.”

Lemick and his family have owned and operated retail jewelry locations in the Chicagoland area for over 60 years.

BriteCo explains that its coverage has no deductible, automatically updates protection each year using advanced price analytics and predictive models, and offers a streamlined claims experience. It also “offers an easy to use, cloud-based Appraisal Management System (AMS) that is faster and more accurate than the jewelry industry’s traditional manual processes,” according to the release.

“What Dustin and his team have accomplished in such a short period of time is amazing,” said Jeff Taylor, one of the company’s investors. “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.

“I’m excited to be a part of their push to modernize the jewelry insurance and appraisal process and to help millions of people across the US protect their most valuable possessions.”

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Fugitive Jeweler Arrested in $2B Fraud Case

India is seeking to extradite him.

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Nirav Modi, the billionaire jeweler who’s suspected in a $2 billion fraud case in India, has been arrested in London, The Telegraph reports.

He was arrested on behalf of Indian authorities, and he appeared Westminster Magistrates’ Court to fight extradition to India, according to the newspaper.

In court, he “spoke only to confirm his details and to refuse to submit to extradition” related to embezzlement allegations, The Telegraph reports.

He’s due in court again on March 29.

Modi had been staying in a high-dollar apartment in London’s West End, according to the newspaper.

Last year, The New York Times described Modi as being “on the run” and noted that figuring out his location had become something of a “national pastime” in India.

He remained at-large despite Interpol’s issuance of a reed notice for his arrest in July, according to The Telegraph.

Modi is at the center of a fraud case involving Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, Reuters has reported.

Modi has apparently been involved in a new new diamond business in the UK, according to The Telegraph.

Read more at The Telegraph

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This 13-Carat Pink Diamond Just Sold for $8.7M+

The sale represents a dollar-per-carat price of $656,933.

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Gem Diamonds Ltd. announced that a 13.33 carat pink diamond recovered at the Letšeng mine in February has been sold for $8.75 million.

The sale represents a dollar-per-carat price of $656,933.

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That’s a record for a Letšeng diamond, according to a press release from Gem. The company owns both the Letšeng diamond mine in Lesotho and the Ghaghoo mine in Botswana.

The diamond sold on tender in Antwerp. Gem did not reveal the identity of the buyer.

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Yahoo Finance reports that Gem mined about 127,000 carats of diamonds last year.

That amounts to under 1 percent of the worldwide total, making the company a relatively small player compared to industry titans such as Alrosa and De Beers.

 

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