Sunken Treasure

TreasureAll eyes are on a real estate investor who doubles as a treasure hunter, Jay Miscovich and his big find. After pouring money into his escapades in search of treasure, Miscovich discovered every hunters dream.

After purchasing a nautical map from a diver in the Gulf of Mexico, Miscovich was led to an underwater area covered in emeralds as well as amethysts. In order to convince investors, Miscovich made more than 20 dives down to the site and always surfaced with his hands full.

However, there’s always a twist! Although Miscovich did find the gemstones, unfortunately they do not necessarily belong to him. Currently, federal courts in Key West are sorting out ownership of the treasure. Until then Miscovich “[is] emerald rich and cash poor”, according to his attorney David Horan.

60 minutes aired a report on the treasure hunter and left viewers speechless after Miscovich poured out the emeralds. Both men interviewing “could hardly believe their eyes,”

The senior vice-president of GIA Laboratory and Research, Tom Moses (included in the segment) confirmed that some of the emeralds were indeed valued Columbian emeralds. However, investors and attorneys are accusing Miscovich of running a scam after the discovery of some of the emeralds being treated. Since this process has only been around for 50 years, their value could possibly be dramatically marked down.

If interested in emeralds, here at Secret Sapphire we carry several pieces. Emeralds can be found in our Monica Tsao, Bonn Bon and Margo Morrison collection. Come on by Yaletown and check us out!