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N.J. couple can't keep stolen 7.35-carat diamond given as gift, court rules
NJ Advance Media for NJ.com ^ | April 25, 2016

Posted on 04/25/2016 3:44:56 PM PDT by SMGFan

federal appeals court has ruled a New Jersey couple can't sue to keep a stolen 7.35-carat diamond, even though it was given as a gift from mother to daughter, the couple's attorney confirmed on Monday. The pear-shaped diamond was stolen in 2003 and made its way through various sellers before ending up purchased for $175,000 by Saddle River resident Frank Walsh, according to previous reports.

In 2012, Walsh's wife gave the diamond as a gift to their daughter, Suzanne, and son-in-law Steven Zaretsky.

When the Zaretskys tried to have the diamond insured, a jeweler discovered the gem had been stolen in 2003 by celebrity stylist Derek Khan, according to reports.

(Excerpt) Read more at nj.com ...


TOPICS: Crime/Corruption; US: New Jersey
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To: PeterPrinciple
If it was pawned, then the pawn shop sold stolen property to the public, right?

Perhaps it's possible to recover some money from them?

21 posted on 04/25/2016 5:16:43 PM PDT by ZOOKER (Until further notice the /s is implied...)
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To: Mercat

I use to sell jewelry. You never buy diamonds retail as an investment piece. They are like cars. As soon as you leave the store the price starts ticking downwards.


22 posted on 04/25/2016 5:42:50 PM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: SMGFan

Must have been Tony Soprano’s crew...


23 posted on 04/25/2016 5:44:11 PM PDT by strider44
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To: nickcarraway

Well, the buyers will have to sue the seller for the money they paid for the stolen gem

The buyer loses the gem to the police, the police turn it over to the rightful owner

It is the buyer’s responsibility to sue the seller

And that seller can sue his supplier, etc

That is how it works

The victim, the original owner who had the diamond stolen from, should be made in whole. Everyone else, even though some might be innocent, have to take it to the courts to get their money back.


24 posted on 04/25/2016 6:12:57 PM PDT by arl295
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To: arl295

Bookmark


25 posted on 04/25/2016 11:11:55 PM PDT by publius911 (IMPEACH HIM NOW evil, stupid, insane ignorant or just clueless, doesn't matter!)
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To: CaptainK

Okay...

Outta my league!

Last diamond I priced was in the 1/4 to 1/3 carat range.


26 posted on 04/26/2016 4:46:58 AM PDT by BwanaNdege
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To: Wyrd bið ful aræd

I agree that the original owner should get his property back, but if he received an insurance settlement for his loss, he should give that money back.


27 posted on 04/26/2016 4:55:34 AM PDT by Fresh Wind (Hey now baby, get into my big black car, I just want to show you what my politics are.)
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To: BwanaNdege

Me neither.

But one of the most reliable scams is to make the mark think that he or she is getting a killer deal, “a steal,” so that greed clouds their sense of logic.

The rule when purchasing something: be willing to walk away from the deal even and especially if the sales person threatens to rescind his offer if you leave.

Also, I wonder if they had it inspected and appraised.


28 posted on 04/26/2016 7:21:43 AM PDT by dhs12345
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To: BwanaNdege

Ya. Me too.

I can think of better things to spend $175K on... if I had it.


29 posted on 04/26/2016 7:23:43 AM PDT by dhs12345
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To: Paladin2

Diamonds are one of the most common gemstones on the planet... The scam around diamond value is comical when you think about it.. and now they are even trying to convince folks that diamonds that are of crap quality and clarity are valuable as well by labeling them “chocolate” and putting a high price tag on them.


30 posted on 04/26/2016 7:26:00 AM PDT by HamiltonJay
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