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Is that emerald really worth $370 million? Maybe not

January 10, 2009 |  9:05 am

Remember the huge 850-pound emerald the Los Angeles Sheriff's Department took custody of last month? There's an amazing story behind it. But the Daily News reports both the story and the value of the emerald are now in doubt:

Shrouded in mystery, the journey of the Bahia Emerald from a Brazilian mine to Los Angeles is a caper reminiscent of an "Indiana Jones" action flick. But gemstone experts and sheriff's investigators are skeptical about portions of the story surrounding the 850-pound stone purportedly worth at least $370 million. "The problem with this type of thing is there is an enormous amount of hype surrounding this," said Edward Boehm, vice president of the International Colored Gemstone Association, a New York City-based trade group. "They love it when there is a lot of hype around something like this because ... the value is established through the publicity."

--Shelby Grad

Photo: L.A. Sheriff's Department