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IN PHOTO: A model poses with a 38.51-carat Colombian emerald and diamond bangle, designed by Etcetera, the largest no oil emerald ever to be auctioned, at a preview by Christie's ahead of their jewelry sale in Hong Kong, China May 19, 2015. According to the company, the diamond bangle is worth an estimated value of $1.5 to $2.3 million and will be sold at the auction on June 2. Reuters

The Bahia Emerald, the largest emerald in the world at 180,000 carats, is at the centre of a legal battle. Ten civilians, a holding company and Brazil are involved in the legal wrangle for the ownership of the emerald. The Los Angeles County Judge has made the tentative holding which may settle the case.

The Bahia Emerald, mined form the jungles of Bahia, Brazil, has had a long and arduous journey. According to the Seattle Times, the gem, which was discovered in 2001, was first transported to Sao Paulo, where it changed hands at least eight times. It reached the United States in 2005 and promptly got submerged during the Hurricane Katrina fury. The gem resurfaced in the hands of Larry Biegler, an investor from California. It was reported to be stolen but was tracked by Los Angeles County sheriff’s detectives. It was finally handed over by businessman Kit Morrison and has remained in the sheriff's custody.

Judge Michael Johnson, in his tentative ruling, has handed over the gem to FM Holdings, co-owned by Idaho businessmen Morrison and Todd Armstrong, and Jerry Ferrera of Florida. The judge wrote, “The company has presented evidence establishing clear title to the Bahia Emerald as against all other ownership claims.”

The Bahia Emerald is appraised at USD372 Million (AUD486 million) and is over 751.77 pounds and 3 feet tall. It is considered to be the largest uncut emerald in the world.

Meanwhile, the Brazilian government has also staked claim for the emerald. LA Times reports that the government of Brazil asked the case to be dismissed outright or put it on hold until the negotiations with the U.S. government is completed. Brazil contends that the stone was illegally mined and transported out of the country. Its attorney John Nadolenco said, “This ruling will not stop Brazil’s efforts to recover the Bahia Emerald.”

The tentative decision pulls down the curtains over the bizarre drama involving the precious gem. But the Bahia Emerald saga is till not over.

For questions/comments regarding the article, you may email the writer at honeygeorge74.ibtimes@gmail.com.

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