Police from Japan arrested Rifat Hadziahmetovic, 42, a Montenegrin member of the “Pink Panther” diamond gang, in Spain, the Japanese publication Kyodo News reported. Hadziahmetovic and his alleged accomplice, Radovan Jelusic, also a Montenegrin national, are suspected of stealing a diamond tiara worth $2.5 million (JPY 200 million) and a necklace worth $1 million from the Exelco Diamond store in the posh Ginza district of Tokyo on June 14, 2007, after spraying tear gas at clerks. The alleged accomplice, Jelusic, 40, was arrested in Italy in May. In a related development, the Japanese police arrested Solhi Hamid Reza, 41, a Tokyo resident, who allegedly received metallic parts from the stolen tiara.
Since 1999, the Pink Panthers are known to have stolen jewelry worth hundreds of millions of dollars in more than 90 robberies across Europe, the Middle East and Asia. In Japan, the crime group is also thought to have stolen $40 million worth of gem products from another Ginza jewelry shop in 2004.
—Additional reporting provided by Acquire Media.
Israeli Arrested in Connection With Diamond Switch
Felix Fircopic, a 61-year-old Ramat Gan resident, was arrested in late July following an investigation into the 2009 disappearance of $2.3 million worth of diamonds from Alldiam SA, a Geneva company. Firkopic’s arrest follows an extradition request issued by Swiss authorities.The Jerusalem district extended Firkopic’s arrest at the state attorney’s request, according to Israeli news service Ynet. Attorney Avaid Eliya, the state attorney’s international representative, said the whereabouts of the diamonds are still unknown, but noted that the evidence suggests Firkopic took them.Another suspect in the robbery was arrested in the Netherlands in August 2009 and extradited to Switzerland, but was released from jail after posting bail, according to the Tribune de Genève newspaper.
Damas Reports Loss
Damas International reported a net loss of $519.8 million (AED 1.91 billion) during the fiscal year that ended on March 31, after disclosing a profit of $61.8 million (AED 226.9 million) for the 15 months that ended on March 31, 2009. The slump resulted from lower revenues, which were down 31 percent against the previous 12 months to $899.3 million (AED 3.3 billion), as well as impairment losses of $215.3 million (AED 790.6 million) and a doubtful loan provision of $84.8 million (AED 311.5 million).
During the year, Tawhid Abdulla was forced to resign from his position as Damas’ top executive for conducting “unauthorized transactions” valued at approximately $167 million (AED 614 million). This amount was still owed to the company at year’s end, along with 1,940 kilograms of gold that have not yet been priced.
Revised Figures Reveal Deeper U.S. Recession
The U.S. Commerce Department revised its gross domestic product (GDP) figures for the past three years to reflect lower growth rates. During 2007, the U.S. economy grew 1.9 percent, rather than by the rate of 2.1 percent reported at that time. For the year 2008, growth was flat as opposed to reflecting the 0.4 percent increase that was originally reported. The U.S. economy shrank 2.6 percent in 2009, the biggest drop to be recorded since 1946.
The recession, then considered by most to have occurred between December 2007 and June 2009, caused the GDP to shrink by 4.1 percent in 2008, rather than by the 3.7 percent reported one year ago. The recession has not officially been declared over and an overwhelming majority of consumers from all income brackets believe the U.S. is still enduring a downturn.
It is not uncommon for the government to restate figures. After the estimated growth rate for the first quarter of 2010 was lowered, the GDP was revised higher to reflect an increase of 3.7 percent. For the second quarter of this year, the GDP rose by an estimated 2.4 percent.
Consumer spending, which was initially reported to have risen 3 percent during the first quarter, was revised lower to 1.9 percent. The estimated growth rate for consumer spending during the second quarter was 1.6 percent.
Article from the Rapaport Magazine - September 2010. To subscribe click here.