Lab-GrownAug 12, 2022
Report: State Bank of India to Begin Lending to Lab-Grown Producers The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.
MajorsOct 27, 2017
Report: Scotiabank Looking to Get Out of Gold Business
The bank’s desire to exit reportedly comes in the aftermath of the gold smuggling scandal surrounding one of the refineries to which it lent money, Elemetal.
The Financial Times reported this week that Toronto-headquartered Scotiabank is looking to sell its gold banking arm, ScotiaMocatta, in the wake of the gold smuggling scandal surrounding one of its clients, Elemetal.
New York--Scotiabank has put its gold business up for sale in the wake of the gold smuggling scandal surrounding one of the refiners to which it lent money, Elemetal, The Financial Times reported this week.
Citing people familiar with the matter, the Times said that Scotia wants to sell ScotiaMocatta, one of the five banks active on the London market, to Chinese buyers via JP Morgan.
Scotiabank’s lending to Elemetal, the Dallas-based company caught up in a billion-dollar gold smuggling scandal through subsidiary NTR Metals, was the “straw that broke the camel’s back” for Scotiabank when it comes to the gold business, according to the Times report.
Scotiabank did not respond to request for comment on the report Thursday and neither did Trey Gum, the attorney for Elemetal.
The Elemetal/NTR Metals smuggling scandal first made headlines back in March when Bloomberg Businessweek published a story titled “How to Become an International Gold Smuggler,” recounting how a 23-year-old Chilean college dropout named Harold Vilches sold millions of dollars in gold from illegal mines to NTR Metals’ office in Miami.
Federal officials eventually charged three now-former NTR Metals employees in the case, Juan P. Granda (aka Flecha), Renato J. Rodriguez and Samer H. Barrage, who were based in Miami and in charge of finding and buying gold in Latin America and the Caribbean.
Citing people familiar with the matter, the Times said that Scotia wants to sell ScotiaMocatta, one of the five banks active on the London market, to Chinese buyers via JP Morgan.
Scotiabank’s lending to Elemetal, the Dallas-based company caught up in a billion-dollar gold smuggling scandal through subsidiary NTR Metals, was the “straw that broke the camel’s back” for Scotiabank when it comes to the gold business, according to the Times report.
Scotiabank did not respond to request for comment on the report Thursday and neither did Trey Gum, the attorney for Elemetal.
The Elemetal/NTR Metals smuggling scandal first made headlines back in March when Bloomberg Businessweek published a story titled “How to Become an International Gold Smuggler,” recounting how a 23-year-old Chilean college dropout named Harold Vilches sold millions of dollars in gold from illegal mines to NTR Metals’ office in Miami.
Federal officials eventually charged three now-former NTR Metals employees in the case, Juan P. Granda (aka Flecha), Renato J. Rodriguez and Samer H. Barrage, who were based in Miami and in charge of finding and buying gold in Latin America and the Caribbean.
A criminal complaint filed against all three in March states that between 2012--when, according to an industry source, the falling gold price and subsequent slowdown in U.S. refining sent Elemetal in search of international business--and 2015, NTR imported more than $3.6 billion dollars in gold from Latin America. Much of it was illegally mined, meaning it originated from unauthorized sites that are environmentally harmful, dangerous for workers, rife with prostitution and child labor, and controlled by drug cartels.
And Granda, Rodriguez and Barrage allegedly were at the center of it.
According to the complaint against them, they wired huge amounts of money to Latin America to “promote further gold transactions and business they knew involved: organized crime, gold smuggling and entry of goods into the U.S. by false means and statements, illegal mining, and narcotics trafficking, all in the hopes of creating more profits for themselves and NTR.”
Last month, Barrage and Granda took a deal in which they pleaded guilty to one count of money laundering in a Florida federal court. They face up to 10 years in prison, as opposed to the 20 they originally faced.
Sentencing is set for Feb. 26, 2018, court records show.
More on Majors
The Latest
FinancialsAug 12, 2022
Brilliant Earth’s Fine Jewelry a Hit in Q2The company is also continuing its retail expansion.
AuctionsAug 12, 2022
2 Rolexes Paul Newman Gave to Stuntman Stan Barrett Head to Auction The sale also will include a third Rolex, with all three watches tied to Barrett’s 1979 attempt to break the world record for land speed.
Brought to you by
The American Mined™ Collection: Ethical Sourcing That MattersRio Grande provides a pathway to responsibly sourced gemstones.
CollectionsAug 12, 2022
Piece of the Week: İTÄ Jewelry’s ‘Danza’ RingIt mixes diamond shapes and colors.
Weekly QuizAug 11, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
AuctionsAug 11, 2022
Sotheby’s Is Preparing its First Art Jewelry Auction This Fall“Art as Jewelry as Art” features works from artists like Salvador Dalí, Alexander Calder, and Max Ernst.
Brought to you by
Knowledge and Skills for Today’s Hot TopicsFrom laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
IndependentsAug 11, 2022
Martin Katz Is Moving to a PenthouseThe jeweler is relocating his Beverly Hills store after 20 years and has begun developing a lifestyle brand.
Events & AwardsAug 11, 2022
HRD Antwerp Is Bringing Back Its Jewelry Design Competition The Belgian organization is calling for entries from all over the world, with an eye on attracting emerging talent.
ColumnistsAug 10, 2022
On Data: What We Know About Jewelry Sales So Far This YearSherry Smith digs into year-to-date data on lab-grown vs. natural diamonds, the performance of colored gemstone jewelry, and more.
EditorsAug 10, 2022
Take a Tour Through Buccellati’s Vintage Jewelry CollectionAssociate Editor Lenore Fedow leads readers through the Italian jeweler’s works from the 1940s to the 2000s.
CrimeAug 10, 2022
Smash-and-Grab NY Thieves Flee with $2M in JewelsThe NYPD is still searching for the four suspects who robbed Rocco’s Jewelry in the Bronx.
Events & AwardsAug 10, 2022
JA New York Returns with New Designer GalleryThe jewelry trade show is taking place Aug. 14-16 at the Javits Center in New York City.
MajorsAug 09, 2022
Signet to Buy Blue Nile in $360M DealThe jewelry giant said the acquisition will allow it to tap into a pool of customers who are younger, more affluent and ethnically diverse.
TechnologyAug 09, 2022
Tiffany & Co.’s CryptoPunk Pendant NFTs Are Sold OutThere were only 250 made available, selling for more than $50,000.
CollectionsAug 09, 2022
Cora Sheibani Shows a Magic Garden of Jewelry at Sotheby’sThe British-based Swiss designer’s “Pottering Around” collection is for sale at Sotheby’s East Hampton starting this week.
SourcingAug 09, 2022
Diamond Price List Introduces ‘Insights’ Platform It provides real-time diamond market analytics.
SourcingAug 09, 2022
Grandview Klein to Donate Dialysis Machines to Namibian ClinicThe diamond firm will give the donation at a ceremony in Namibia this month during a trip for select retail jeweler partners.
CrimeAug 08, 2022
Nehal Modi Sentenced to 3-9 Years in Grand Larceny CaseHe was convicted last month after falsely claiming he had a deal with Costco in order to obtain millions in diamonds from LLD Diamonds USA.
TrendsAug 08, 2022
Amanda’s Style File: Spicy SpinelsTough, vibrant, and full of personality, spinel is a perfect birthstone for August babies, Amanda Gizzi says.
IndependentsAug 08, 2022
Gemist, NDC to Offer Custom Pieces by BIPOC DesignersDorian Webb, one of the designers in the Emerging Designers Diamond Initiative, will be the first to work with Gemist.
MajorsAug 08, 2022
Here’s How to Support Jewelers for Children this JFC DayThe charity will hold its fifth annual fundraising day on Sept. 24.
SourcingAug 05, 2022
Rare Earth Mining Co.’s Bill Heher Dies at 72The passionate gem lover helped bring more than 300 different varieties of stones to the gem trade.
TrendsAug 05, 2022
Piece of the Week: Storrow Jewelry’s ‘Emblem Rosa’ CharmThe brand has attracted attention for its colorful, vintage-inspired pieces.
MajorsAug 05, 2022
Former Nike Executive Joins Team at David Yurman Marcelo Tau is the company’s new chief operations officer.
Policies & IssuesAug 05, 2022
Satta Matturi Joins RJC BoardThe jewelry designer founded her eponymous brand in 2015 after nearly two decades in the diamond industry.
