Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
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.
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.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The announcement came as the company reported a 23 percent drop in production in Q1.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.