Three businessmen claiming to own the 840-pound “Bahia Emerald” caught a break in Los Angeles Superior Court Monday after a judge rejected a request from Brazil to dismiss the five-year-long legal battle and ultimately grant the country ownership.
Dubbed the largest emerald in the world, the gem was unearthed in Brazil in 2001 and is valued at an estimated $372 million.
A lawsuit to determine the gem’s rightful owner launched in L.A. Superior Court more than five years ago but in November, Brazil made its own claim to the emerald saying it belonged to the country because it had been mined illegally. The South American nation wanted the court to dismiss an investor group’s claim to the emerald, a move that could have helped Brazil get custody of the stone.
For more on the saga of the Bahia Emerald, check out previous Business Journal coverage: http://labusinessjournal.com/news/2014/dec/01/fight-over-emerald-ownership-proves-gem-case/?page=1&