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  'Shipwrecked' emeralds move from the seabed into a Florida courtroom


December 14, 2012


The saga of 70 kilograms of emeralds that were discovered on the seafloor off the coast of the Florida Keys and were the subject of a report on the award-winning 60 Minutes television news magazine continues in a Miami courtroom. The "shipwrecked" emeralds were also a subject in the Gem Color Report in May.

To recap, a real estate investor and amateur treasure-hunter by the name of Jay Miscovich had claimed that three years ago he had bought a map and some coordinates in the Gulf of Mexico from a friend in a bar in Key West for $500. These, he said, had led him to an underwater cache of 65,000 emeralds. At first it was surmised that they came from an ancient shipwreck carrying goods between Colombia and the United States, but a more plausible assumption was that the emeralds were dumped by smugglers connected to the drug trade.

Early reports had estimated the emeralds to be worth about $10 million, but it now seems that these may have been over-optimistic. Indeed, according to a local gemstone expert, Manuel Marcial, a more accurate figure may be $50,000. "With very few exceptions, they are of very poor quality," he said on the stand. "No respected retailer would ever be interested in even looking at these. They are more suitable for collectors or tourists. My assessment ... is generous and perhaps excessive." Marcial also said that most of the emeralds probably came from Brazil, not Colombia

Miscovich had earlier testified that experts from the Smithsonian and the Sotheby's and Christie's auction houses had said certain of the emeralds were priceless and of museum quality.

Marcial had worked for the company of the late Mel Fisher, who achieved fame in 1985 for finding the 1622 wreck of the Spanish galleon Nuestra Senora de Atocha, with a $450 million cache that included 40 tons of gold and silver,as well as Colombian emeralds. Fisher's company, Salvors Inc., discovered several more shipwrecks off the Florida coast, including the Atocha's sister galleon the Santa Margarita.

Salvors had earlier sued Miscovich, claiming that the emeralds came from the Atocha and Santa Margarita sites. They alleged that Miscovich had committed fraud intending to swindle investors' money, but they dropped their claim to the gems after Marcial's assessment that the value was much lower than first thought.

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