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Articles from GEMSTONES - LOOSE (254 Articles), GEMMOLOGICAL SERVICES (22 Articles)
The Teodora emerald failed to attract a bidder at the Western Star Auction yesterday
Gem dealer arrested
 4.9 k views | Posted January 30, 2012 | By Aaron Weinman
The “world’s largest cut emerald” failed to find a bidder after its owner was charged with fraud and doubts were raised over the gem’s authenticity.
Efforts to sell the 11.5kg emerald were hampered after the stone’s owner, Reagan Reaney, was arrested last Friday on fraud charges. Despite the arrest the auction went ahead as scheduled, but the gem didn’t sell, according to Barb Johns of Kelowna-based Western Star Auctions.
The opening bid on the company’s webpage was USD$500,000 (AUD$470,215), however Western Star’s Brian Odenbach said the emerald didn’t meet the reserve price and was uncertain if bidding would resume.
Royal Canadian Mounted Police (RCMP) confirmed they executed outstanding warrants for Reaney’s arrest saying he was accused of multiple fraud charges but refused to comment as to whether any of the charges were related to the emerald.
Police said more details regarding Reaney’s arrest would be available later this week.
Meanwhile, doubts were raised over the authenticity of the emerald after Canadian gemmologist Jeff Nechka said the stone may not be 100 per cent emerald and he couldn’t confirm that it is in fact the “world’s largest emerald.”
“I’m positive it contains emerald but I’m not sure how much of it is emerald,” Nechka told JCK Online. “It has been dyed to some extent but it’s impossible to tell the intensity of the stone prior.”
Shane McClure of the Gemstone Institute of America (GIA) said if there is any white beryl in the stone then the GIA would classify the gem as “beryl with zones of emerald,” saying the presence of dye brings up further doubts.
“We probably would not call it emerald no matter what,” McClure said. “There is an indication of natural green coloration but we wouldn’t call it emerald in any case.”
As reported last week in Jeweller, the $1 million price tag attached to the stone was considered too high. Gem specialist and director of Brisbane-based O’Neil’s Affiliated, Brendan McCreesh, said the stone’s size was its major selling point, labelling it nothing other than a “novelty stone.”
“The size doesn’t mean anything, the stone has veins of inclusion and many surface cracks,” McCreesh told Jeweller. “I guarantee you this will not sell for anywhere near $1 million.”
“While its carat weight may add up, in such a huge size value usually drops,” McCreesh said.
More reading:
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