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Vol. 24, No. 4 Winter, 2006 |
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Vol. 24, No. 4 Winter, 2006 |
An Interview with AGLˆ¢s Cap Beesley
by Robert Genis
In August, Collectors Universe, Inc. (NASDAQ: CLCT) , a leading provider of
authentication and grading services to dealers and collectors of high-value
collectibles, bought the American Gemological Laboratories (AGL). We thought it
would be pertinent to discover what this means for the plans and directions of
AGL. We had the following discussion with Cap Beesley, President and Founder of
AGL.
Gemstone Forecaster: How long has this deal been in progress? How did it
happen?
Cap Beesley: Collectors Universe had a game plan. They are already in the
coin, currency, stamps, trading cards and autograph/memorabilia markets. They
felt they had reached a plateau in those markets and were looking for new
markets to expand. They raised $60-$65 million to aggressively pursue the
gemstone and jewelry market.
At the same time they narrowed the intent of the corporation. Collectors Universe does not profit in any way from the selling of any products. Their sole mission is the authentication of high value products.
First, to enter the diamond grading markets, they purchased Gem Certification
and Assurance Lab (GCAL), which is operated by Donald Palmeri. Next, they
decided to move into colored gemstone grading. I was consulting with Donald
Palmeri about another project when the idea of Collectors Universe and AGL first
occurred. We had a general discussion 9 or 10 months ago but it really went
nowhere. We went back and forth for a long time. Finally, in August, Collectors
Universe was really determined to get the deal done. Everything just fell into
place.
GF: What were the financial terms of the deal?
CB: I got $3.5 million up front. In three and one half years, if we reach
certain benchmarks, I get another $1.5 million. In five years, if we reach
certain benchmarks, I get another $2 million.
I am providing 5,000 colored gem samples from various countries to create a
collection of specimens demonstrating the various enhancements and treatments.
These stones will provide a standard against which other stones may be compared.
GF: How long will you remain the President of AGL?
CB: I have a contract for 3 1/2 years, with an option to renew the
contract for another two years at that time.
GF: Have your responsibilities changed since AGL was purchased?
CB: Well, they have definitely increased and we have many projects going
at once. For example, we have entirely new security with new cameras and safes.
Also, we are redesigning the AGL office for 10-15 workstations for new graders.
We now have PR, marketing, HR and IT departments. In other words, I interact
with numerous people these days. Things happen very quickly when you deal with
another corporate entity.
GF: We have heard Collectors Universe rented an entire floor in your
building that has room for 60 graders. Is that accurate?
CB: No, the floor they rented was for the GCAL or the new diamond
graders. We had the choice of moving to that floor but felt we had too much
money invested in this space. However, the new space on the 27th floor has video
conferencing abilities with Collectors Universe in California so we all
communicate.
GF: Is it true that Collectors Universe is going to commit $100 million
in marketing the diamond and jewelry business to the public?
CB: No. The important number is $60-65 million. That includes the amount
of money they will use to buy important players in the industry. For example,
they just bought Gemprint for $7 million. I have heard if it takes $100 million
to position the company in this market, they will spend it.
GF: Letˆ¢s talk about the AGL cert. What changes can we expect?
CB: Letˆ¢s start at the top and work down. The top AGL document will be
platinum. This will cost $2500. It will include a full AGL grading report with
country of origin, a letter about the material, the gemstonesˆ¢ spectra, and an
8x11 image of the stone. It will contain more detail than what is usually seen
and will be a 7-8 page document. Of course, it will be presented in an upscale
binding.
The next level is Gold. That is the document everyone is used to already. Of course, it includes color/tone, clarity, cutting/finish grades, brilliancy, country of origin and treatment. The price varies on the size and type of material.
The brand new levels will be Fast Track One and Two. These grades will be guaranteed.
Fast Track Two will be a verbal description of the Gold grading report. For example, the new report might say good for finish instead of the numbers 5-6. The color grade would say very good instead of 3.5. Treatment issues will be a simple yes or no with a standard comment. There will be no county of origin on this document. This report will cost $75 and the gemstones can also be laser inscribed for a small fee.
Fast Track One is the size of a credit card. Imagine a two-sided tent. Each
side will have information about the stone. It is designed to sit upright in a
jewelers display case. The front side will have the image of the stone and
information about the stone. It will also contain enhancement information that
is compliant with the FTC/State requirements. The back side will contain general
supporting information about the material. These cards are also color
coordinated to the species. For example, rubies will be in red cards and
aquamarine in light blue, etc. This product is available for $25 each when 25
stones are submitted.
GF: How are you going to market these new products?
CB: Although it is going to take a great deal of planting and watering,
we are going to market to the consumers and the retail jewelers. We are using
the push/pull technique. We want the consumer to go into a jewelry store and ask
for an AGL document. They should have confidence this is a publicly traded
company. Everything is transparent.
We are going to do seminars, trade shows, the internet, and other media. I
just saw the new print campaign. It is a $200,000-$300,000 buy. We also have the
Lobby at the Las Vegas Show.
GF: Any final words?
CB: This vehicle has given me an opportunity to do on a grand scale what
I was never able to do myself. Collectors Universe is stepping up to the plate
with resources and funding. For the first time in 40 years, we have something
brand new on the landscape. A publicly traded company is a new dimension in this
business. The main goal is to make it easier for consumers to buy with
confidence and help retail jewelers sell more colored gemstones.
If this doesnˆ¢t work, I donˆ¢t know what will.
GF: Thank you.
Collecting Moonstone
by Robert Genis
Back in the 60ˆ¢s every hippy wanted a moonstone. It was like wearing the moon on
your finger. To a psychedelic generation, it was mesmerizing to watch the
cats-eye rotate in the light. Moonstone was beautiful and still inexpensive.
Nothing could be further from the truth in the moonstone market these days.
The prices for these goods have escalated and certain colors are even sought
after by collectors.
Folklore
The amount of folklore surrounding moonstone is extensive. In ancient times,
Romans believed moonstone was the magical crystallization of actual moonlight.
Greeks called moonstone Aphroselene, a combination of the Love and Moon
Goddesses, Aphrodite and Selene. In India, moonstone is a sacred stone. It was
believed if you kept it in your mouth on a full moon, you would receive
prophetic powers. Europeans believed by owning a moonstone, you could tell the
future during the waning moon. Moonstone was also a favorite of Victorian and
Art Nouveau jewelers. Moonstone was highly prized as a gift for lovers as it was
believed to arouse passion.
Moonstone has been known for having almost unbelievable powers. For example, it was used to treat cancer, ulcers and emotional problems. Some believe it will balance a persons yin and yang. It is said to protect the owner against bad temperament, erratic behavior, insomnia and marital problems.
While these claims are probably not true, they make moonstone an even more intriguing gemstone.
Brief Gemology
Moonstone is the most famous member of the feldspar group. Technically,
moonstone belongs to the orthoclase branch of the feldspar family and rainbow
moonstone is in the labradorite branch. Moonstone's floating light that appears
to come from below is also known as adularescence. It is caused by structural
anomalies within the stone which refract or scatter incoming light. The size or
thickness of these anomalies determines the color of the floating light. To
depict this effect, moonstone is usually cut cabochon, and the height of the
cabochon must be correct to maximize the effect. Conversely, rainbow moonstone
labradorescence is a play of colors on the surface of the stone caused by
microscopically thin twinning. These phenomena are usually only seen when the
the stone is in a certain position relative to the source of light and the
observer.
Moonstone is only 6 on the Mohs scale. However, it is soft but it is not
brittle. Moonstone is easily repolished if broken.
Country of Origin
Moonstone is found in Sri Lanka, Myanmar, Madagascar, Brazil, Australia and
India. The various colors only come from India and the other sources are white.
In India, rainbow moonstone is mined in the southwest and blue is mined at Bihar
in the center of the country.
Mining Problems
The problem with mining moonstone is the weather and the mining methods
employed. The monsoon rains occur in India from June through August. These mines
are simple pits that seasonally flood. Therefore, you cannot begin to find
moonstone until September or October. Plus, the miners cannot use dynamite
because moonstone is so soft.
Moonstone is discovered by shining flashlights on feldspar veins 20-30 feet
below the earth Once found, these veins are followed in whatever direction they
go causing many cave-in problems. These are essentially basic pick and ax
operations.
Rainbow and Blue Moonstone
Rainbow and blue varieties are the crown jewels of moonstone.
Rainbows are the most expensive. The rainbows come in a myriad of colors, with red, orange and blue being predominant. The most desired rainbows are either red/orange/blue or lavender. These 5 carat stones sell for $150 per carat and 10 carat stone can fetch over $500 per carat.
In blue moonstones, you are looking for a deep sapphire blue. These 5 carat
stones sell for $100 per carat and 10 carat stones can reach $150-250 per carat.
Green Moonstone
Green moonstone has suddenly become the darling of the designer world. The last
few months everyone wants the new mango green. These stones are named by the
miners in India because the color looks like the rich leaf green of an unripened
mango. These stones sell for $20-$30 per carat. Large greens can reach $40-$50
per carat.
Red/Orange/Peach Moonstone
These stones were hot this summer but have appeared to be tapering off. These
colors are available and the supply is good. They wholesale in the $10-$15 per
carat range.
White Cats Eyes Moonstone
White cats-eye moonstones are the commonly seen moonstones by the general
public. They sell for around $15-$20 per carat.
Brown/Grey Moonstone
By far, these colors are the most common. Prices are around $10 per carat.
Carvings
Moonstone are also carved with the ˆ£man in the moonˆ§ the preferred design. You
never see carvings in rainbow and only in low qualities in blue because of the
potential for these to break while being cut. However, in the other colors you
get top quality and nice carvings. It is rumored the remaining Beatles have
moonstone carved cufflinks for their tuxedos.
Pricing and Rarity
Moonstone is priced based upon color, adularescence and clarity. You want the
strongest color. The largest demand for moonstone is in the large, clean stones
over 10 carats. These stones can wholesale for $300 per carat or more.
Collectors search for rainbows over 10 carats, blues over 20-30 carats and other
colors from 50-over 100 carats.
Marketing
The moonstone market is varied and multidimensional. The largest buyers are
designers in New York and Europe. Retail jewelers also buy these stones when
they have calls. Of course, certain collectors hunt for these stones.
Summary
Although obviously a niche market, moonstone continues to remain a stone popular
in many circles. Moonstone remains a very affordable phenomenal stone, compared
with other stones displaying optical phenomena, such as catˆ¢s-eye chrysoberyl.
Although the popularity of this gemstone may wax and wane, anticipate this
unique gemstone to remain popular for generations to come.
The Complete Handbook for Gemstone Estimation vs. the Gem
Weight Wizard
How to Estimate Diamond and Colored Gemstone Size
by Robert G. Genis
Someone walks into your jewelry store and wants to sell you a mounted diamond.
You are sitting in a bank vault and the heirs ask you to bid on a large emerald
ring. The owner of an antique store shows you a ruby in an old mounting, and you
are interested in buying. You are an appraiser and a client with numerous
mounted pieces wants to know their value. In any of these common scenarios, it
would be helpful to be able to quickly and easily estimate the carat weight of a
gemstone that is not loose and has no grading report.
Two Systems
The tried and true method has always been the hardback book, The Complete
Handbook for Gemstone Estimation by Charles Carmona. Recently, David Marcum,
President, Gem Weight Wizard, Cape Coral, Florida, created a new computer
program named Gem Weight Wizard. It will be downloadable to your pda, computer,
laptop and some phones. We thought it would be interesting to test both methods.
The Complete Handbook for Gemstone Estimation
The Complete Handbook for Gemstone Estimation is jammed packed with tables and
charts to help you simply estimate the weights of stones. The tables include 24
common and 48 uncommon shapes. There are also sections for pearls and diamonds.
In order to use this book, Carmona placed more then 100 different gemstones into
8 groups based upon their specific gravity. Since gem materials vary greatly in
density, this is why two different gemstones may have the same size but
different weights and vice versa.
Knowledge of a gemstoneˆ¢s shape, length, width, and specific gravity group
allows you to discover an approximate weight range of the stone in the bookˆ¢s
tables. Each table is for a specific shape, and gives weight ranges for various
sizes for each of the specific gravity groups. All of these measurements are
standard calibrated sizes, and therefore one may not find the exact millimeter
measurements of any individual stone. Of course, all the tables are based upon
the depth percentage (depth divided by width) of well cut stones. If a stone is
deeper or shallower, a correction is made. Adjustments are also made for high
crowns, shallow or deep pavilions, and any bulge factors. After making
adjustments you come up with a weight range, except for round diamonds, for
which the table gives you an exact weight.
Gem Weight Wizard
I used the Gem Weight Wizard on a HP iPAQ. Once the program opens, you get to
choose diamond, corundum, or emerald. You can also use a pull down menu to weigh
29 other less common gemstones. Then you select the shape of the gemstone from a
menu with the most common shapes. The next step is measure exactly the gemˆ¢s
length, width and depth and input the measurements into the program. You can
also select an outline for hearts, ovals, pears and marquise shapes. Then you
select a girdle thickness from thin to extremely thick. The last component of
this program is selecting a pavilion bulge. Click the results and you will see a
summary of the previous results and the gemˆ¢s probable exact weight.
We decided to evaluate both tools on a series of diamonds, rubies, sapphires
and emeralds with known weights. These are all independently graded stones, and
calculations were made with the dimensions given on their grading reports.
Diamond Table
|
Gem Shape |
Diam. Oval |
Diam. Pear |
Diam. E/C |
Diam. Round |
Diam. Round |
| Actual Weight | 1.03 | 2.03 | 3.05 | 5.46 | 13.04 |
| Gem Weight Wizard | 1.11 | 2.16 | 3.33 | 5.62 | 13.78 |
|
Gem Weight Estim. Book |
1.01- 1.10 |
1.93- 2.24 |
3.00- 3.23 |
5.30 | 13.21 |
|
Gem Shape |
Ruby Cush. |
Ruby Cush. |
Ruby Oval |
Ruby Round |
Ruby Oval |
| Actual Weight | 1.01 | 1.41 | 1.53 | 2.36 | 3.02 |
| Gem Weight Wizard | .98 | 1.36 | 1.51 | 2.28 | 3.12 |
|
Gem Weight Estim. Book |
.99-1.07 | 1.38-1.48 |
1.45- 1.56 |
2.20-2.36 |
2.92- 3.15 |
|
Gem Shape |
Sapp. Oval |
Sapp. Cush. |
Sapp. Cush. |
Sapp. Oval Cab |
Sapp. Round |
| Actual Weight | 2.09 | 2.37 | 3.05 | 11.16 | 38.71 |
| Gem Weight Wizard | 2.09 | 2.55 | 2.94 | 11.12 | 37.43 |
|
Gem. Weight Estim. Book |
1.85- 1.99 |
2.39-2.75 |
2.99- 3.24 |
10.50-11.37 | 34.89-37.57 |
|
Gem Shape |
Emer. E/C |
Emer. E/C |
Emer. Cush. |
Emer. E/C |
Emer. E/C |
| Actual Weight | 2.05 | 2.10 | 2.41 | 3.07 | 5.38 |
| Gem Weight Wizard | 2.21 | 2.06 | 2.13 | 3.41 | 5.84 |
|
Gem Weight Estim. Book |
1.97- 2.11 |
1.91-2.05 |
2.37- 2.55 |
2.73-3.23 |
5.53- 5.92 |
The November auctions were strong. Observers believe the auctions are
becoming more international with new Russian and Indian buyers.
Here are the top colored gemstones and colored diamonds that sold:
* A 6.92 Pear Intense Orangy Pink Diamond sold for over $119,000 per carat at
Christieˆ¢s
* A 9.24 Cushion Burma Ruby sold for over $147,000 per carat at Sothebyˆ¢s.
* An 18.28 Cushion Burma Ruby sold for over $91,000 per carat at Sothebyˆ¢s.
* A 30.11 Cushion Blue Grey Diamond sold for over $51,000 per carat at
Christieˆ¢s.
* A 6.84 Rectangular Colombian Emerald sold for over $22,000 per carat at
Christieˆ¢s.
* An 18.53 Octagonal Burma Sapphire sold for over $21,000 per carat at
Christieˆ¢s.
* An 8.87 Step Cut Kashmir sapphire sold for over $17,000 per carat at
Sothebyˆ¢s.
* An 8.02 Oval Kashmir sapphire sold for over $16,000 per carat at Sothebyˆ¢s.
* A 7.20 Cushion Kashmir Sapphire sold for over $16,000 per carat at Christieˆ¢s.
* A 3.65 Step Cut Kashmir sapphire sold for over $13,000 per carat at Sothebyˆ¢s.
* A 7.03 Cushion Kashmir Sapphire sold for over $12,500 per carat at Christieˆ¢s.
* A 23.70 Cushion Burma Sapphire sold for over $10,000 per carat at Christieˆ¢s.
In The News
Connoisseur's Guide
The Hunt For Six-Figure Rocks
Forbes
Missy Sullivan, 11/20/06
Highlights Of Marc Weill's Mineral Collection
This is a fascinating article inside the world of high dollar crystal
collecting-ED
What's not to like about mineral specimens? They sparkle. They come in deep,
beautiful colors and strange, fabulous crystalline formations--many so perfectly
formed you'd swear they'd been cut by a jeweler. Top examples have appreciated
nearly tenfold in five years. Some even swear they have healing powers.
So I was intrigued when I heard that Marc Weill, founder and chief executive of City Light Capital, a New York-based venture investment firm, and the son of former Citigroup (nyse: C - news - people ) Chairman and CEO Sanford Weill, had amassed a world-class collection of more than 400 dazzling, one-of-a-kind specimens in fewer than five years.
Sure, deep pockets don't hurt. But his aren't the only ones in the game, with
big-money rock hounds like Microsoft (nasdaq: MSFT - news - people ) billionaire
Paul Allen and Intel's (nasdaq: INTC - news - people ) Karl Kempf in the chase
for the choicest specimens. Weill, 50, learned early that spiriting masterpieces
from existing collections is a slow and fiercely competitive endeavor. So he
decided to snatch new finds at the source, with the help of partner Daniel
Trinchillo, a mineral expert with Indiana Jones tendencies, who regularly jets
off to remote corners of Brazil or China to do just that. I visited Weill at his
Greenwich, Conn., estate to check out his spectacular rocks and speak with him,
his adviser, Dennis Tanjeloff, and his partner about their quest for the best.
Forbes.com: How did you get started?
Weill: I've been intrigued by minerals since I was young. I still have a
piece of tourmaline that I found on a Boy Scout field trip. I worked summers to
buy my own lapidary equipment so I could cut and polish rocks. I eventually
drifted away from the hobby. Then five or six years ago, we were building a pool
and my son wanted to pick out some cool-looking rocks for the waterfall. That
got me interested again. I started reading everything I could get my hands on,
and subscribing to magazines like The Mineralogical Record and Rocks and
Minerals. And I started buying entry-level specimens in the $500 to $5,000 range
on the Web. One day I went to Astro Gallery of Gems in New York and met Dennis
Tanjeloff, a third-generation dealer. I invited him over and asked him what he
thought of my rocks. He said, "Let me show you some really top rocks." He has
since become a primary adviser and introduced me to Danny, a high-end dealer and
sourcer.
Forbes: Why minerals? What's the attraction?
Weill: First is their incredible beauty, being privileged to live with
what I think of as "nature's art." Second, I've learned so much about how the
earth works and what minerals are produced in what countries; through my hobby,
I've gotten to know people all over the world. And lastly, I can't deny that the
competitive aspect of it--that battle over the very best examples--really gets
my juices flowing.
Forbes: How many minerals are known?
Weill: There are 4,000 mineral species--and counting--with a core of
about 500 that are aesthetically beautiful, colorful and collectible. For
serious collectors, the best examples usually fall under eight inches.
Forbes: How is this stuff found?
Trichillo: Since they're formed in the earth, they're primarily extracted
through mining. The fact that crystals survive the mining process at all is
something of a miracle, given that we're talking about barely educated people
working with hand tools and explosives. More than 75% of what is yielded ends up
being destroyed. In the old days, a big commercial mine producing a thousand
tons of ore every two months wouldn't stop if it found a pocket of mineral
specimens. It would just grind right through them. Now, they're worth enough
that the company will stop and extract them more carefully.
Forbes: What's more valuable? Mineral specimens or cut gemstones?
Trichillo: Semi-precious minerals (garnet, tourmaline, amethyst,
aquamarine) and precious ones (diamond, emerald, ruby, sapphire) are all highly
sought after based on their cutting value, which is measured by their size,
clarity and color. But when that mineral crystal exhibits the same properties in
its natural state, the value can rise ten- or 20-fold--or more--over its cutting
value.
Forbes: How do you decide what to buy and what not to?
Weill: After I met Dennis and Danny, I began to focus on one-of-a-kind,
best-of-breed specimens. They helped me to see the nuances of quality. A lot of
what you look for in a mineral is the same as in a gem: size, intensity of
color, transparency, luster and perfection. But then there are other
considerations that are specific to the mineral collecting world, like the
aesthetics of the crystal grouping. (Crystals almost always grow in association
with other minerals, the "base" one or ones being called its matrix.) What don't
I buy? Things I think are overpriced. Things I already have a great example of
or think I can find a better example of. And really big things. They're usually
decorator pieces.
Forbes: How do you know something is worth chasing to the remote corners
of the earth?
Trinchillo: You don't. And frankly, for every ten calls I get--where I
get on a plane to a remote locale, then travel by car or donkey over rugged
roads, then by foot up into the mountains--only one find in ten is as
represented and worthwhile. The Internet has improved the process, because we
used to have to go on a verbal description alone, which often suffered from poor
translations or inadequate details. But the nature of the game is this: You have
to go because you never know and because there's always someone else chasing the
source. When you don't go, that's when you find out that it was something
unbelievable.
Forbes: Running around third-world countries buying valuable minerals
must lead to some scary moments?
Trichillo: When you're hot on the trail of a mineral, you sometimes put
yourself at risk. I've been to interior provinces in China, back in 1997, when
foreigners were not allowed. I found myself running through the streets at
night, trying to dodge the police, relying on a translator I'd known for only
two weeks. Some of the finest mines are in Pakistan and Afghanistan, but I
haven't been back since Sept. 11. When I was there, everyone was walking around
with guns. My scariest moment happened in Russia, before I met Marc. The mafia
had been tipped off that I had brought $25,000 cash to buy minerals, and they
stormed the apartment where I was staying with my Russian partner and his
pregnant wife and four-year-old son, robbing us. I ended up jumping out the
window in my pajama bottoms in 20-below weather and breaking my front teeth. But
I got back on the horse and went back six weeks later. It was actually a good
learning experience to have early on. Now I don't carry cash; I wire. When
appropriate, I use bodyguards. And I've become much more aware of my
surroundings.
Forbes: What, if any, of this material gets faked?
Tanjeloff: The most common fakery is to take a single crystal and put it
in a dramatic form on a matrix, because that amps up the value a hundredfold.
There's a single aquamarine in Marc's collection that, as a single crystal, is
worth about $150,000; on a matrix, it would be worth over a million. When a
crystal grows out of a matrix, it meets the matrix in a way that is seamless. So
if you see gaps around the base of a crystal, that's usually a clue. Sometimes
fakers will crush rock and try and fill in the gaps. You need to make sure that
the matrix is flush. It often takes a trained eye. Glues used in a lot of these
countries aren't great. Usually they can be detected with a black light or by
soaking the minerals in acetone, which dissolves the glue.
Forbes: How has the market for minerals changed since you began?
Weill: It's a fragmented, mom-and-pop market. I was lucky to get in
during the post-Sept. 11, post-crash lull. But the high end has since risen
close to tenfold. There haven't been too many great finds recently, so what
sustains the market is older collections.
Over the last 20 or 30 years, appreciation at the top end has been dramatic. The
lower and middle markets appreciate much more slowly. A $30,000 specimen back
then would be a half-million dollar one today. But the fact is, at the highest
end, it's quite frankly whatever someone is willing to pay and who gets the
phone call first.
Forbes: Tell me about a great chase.
Trinchillo: When the Brazilian mine Pederneira produced an amazing pocket
of tourmaline in 2002, I happened to hear about it from a visiting dealer friend
who had just been down there. He showed me a photo of a specimen the likes of
which I had never seen. I'd never been to Brazil, didn't speak Portuguese and
wasn't familiar with their ways of doing business, but I didn't waste any time.
I called the mine and asked if I could buy it. But the guy I spoke with said it
had been sold. I asked if it had been paid for, and when he said "no," I said,
"I'm flying down."
Two days later, I arrived in Bella Horizonte and was picked up by a driver who
took me on a six-hour trip to Valadares. I told the owners, "In case the other
buyer doesn't meet his obligation, I am standing here with money in hand." They
were asking $225,000 for the lot. I offered $275,000, with the stipulation that
I'd get first right of refusal on the best future material. Well, the other
guy's money arrived. So I spent five or six days and bought a few pieces of
quartz from them and forged a relationship so that I'd get first shot on the
next production.
Three months later, they called. They had sold most of their new pocket, but had
saved the top piece for me. Historically most of the value is in the top 1%. I
went to look at it, and my eyes fell out of my head. It was the one we call the
" sailboat." We bought it for close to $450,000. I recognized that this mine
would be very important for an indefinite amount of time, so I formed an
exclusive partnership with the owners. I knew if I didn't, the whole world would
descend, and there would be a messy dealer war. If you're not Johnny on the
Spot, if you don't drop everything on a dime to see what's coming out of the
ground immediately, you miss out.
Forbes: What are you chasing now?
Weill: I'd love a great silver specimen from Kongsberg, Norway. Or a
fantastic Ouro Preto topaz from Brazil. You never know. Tomorrow might bring a
spectacular new find. Or an unknown historic cache from someone's attic. That's
the fun of this field.
The following is for snail mail only:
Write:
NGC
P. O. Box 42468
Tucson, AZ 85733
Call: 1-800-458-6453 or (520)-577-6222
ADDRESS____________________
CITY________________________
STATE______________________
ZIP_________________________
PHONE______________________
For comments, questions or price quotes E-mail NGC, Attn: R. Genis