CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Policies & IssuesDec 28, 2017
Ivanka Trump Fine Jewelry Linked to Alleged Fraud Scheme
A Dubai bank filed to subpoena the company that operated the now-defunct jewelry line, claiming its diamonds were used in a money laundering scheme, GQ reported.
New York--Ivanka Trump’s now-defunct fine jewelry line has found itself linked to an alleged multimillion-dollar money laundering and fraud scheme.
According to a court document filed at the U.S. District Court for the Southern District of New York in June and obtained by GQ, who wrote a report last Friday, the Commercial Bank of Dubai sought and eventually obtained permission to subpoena Madison Avenue Diamonds--the company that operated the Ivanka Trump Fine Jewelry company--claiming its diamonds were used to cover up a debt owed to it by an oil trading family.
In the court filing, the Commercial Bank of Dubai claimed the diamonds were part of a scheme to hide about $100 million it was owed by the Al-Sari family, who controlled a multibillion-dollar Emirati oil trading company before it ran into legal trouble due to unpaid bills and imposed sanctions.
The Al-Saris allegedly defaulted on their loan and then hid their assets in shell companies used to buy diamonds, including Madison Avenue Diamonds, and real estate.
(National Jeweler was not able to retrieve the court documents by press time.)
The filing doesn’t mention the Trump name directly, nor does it accuse the First Daughter of being involved directly in the scheme, but GQ noted that the timeline of the case suggests that the alleged transactions would have happened when Madison Avenue Diamonds was operating under the Ivanka Trump Fine Jewelry brand name.
The request to subpoena Madison Avenue Diamonds was granted by a judge in August, but the head of the company--Moshe Lax, Ivanka Trump’s old business partner--told GQ he has yet to be served with a subpoena.
He also denied any wrongdoing, telling the website, “They might have bought a piece of fashion jewelry at our former boutique. We will fully comply in verifying and providing info the court might ask from us.”
National Jeweler contacted the Trump Organization--the international conglomerate that serves as the holding company for the family’s businesses--and Lax, but neither could be reached for comment by press time.
Trump partnered with Lax to launch her eponymous jewelry line about 10 years ago. It marked her first independent venture.
Over the years, Lax has been accused of a number of wrongdoings, many of which were put front and center in an August article by Politico. According to GQ, the Trump Organization also said Lax owed Trump money as recently as August.
The partnership between Lax and Trump
ended in late 2016.
More on Policies & Issues
The Latest
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship WinnersAhead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Lab-GrownApr 11, 2024
AGTA Bans Lab-Grown Diamonds, Gemstones at GemFairMembers can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
IndependentsApr 11, 2024
Steven Rosdal, Co-Founder of Hyde Park Jewelers, Dies at 77He is remembered for his charisma, passion, integrity, kindness, and wit.
