POLICE were still hunting two men thought to have stolen a $300,000 necklace yesterday, as it emerged the owner did not have any insurance.
Two Eastern Europeans are the main suspects in the theft, which took place at Jewellery Arabia on Friday.
The necklace belongs to New York-based Sol Rafael Dream Jewels owner Sol Rafael, who said the theft occurred when two men came to their stand and one asked to see some of the items on show in a display booth.
While the owner and a female employee were showing the Caucasian man the items, his accomplice allegedly slipped into a private office at the side of the stand, grabbed the necklace through an unlocked booth and made off with it, Mr Rafael told the GDN.
He said it would have been easy for the thief to grab the necklace because the booth it was in was broken and had been ever since he hired the stand from a local company.
Mr Rafael said he couldn't confirm how much the necklace was worth because the police had asked him not to, but sources told the GDN it was about $300,000 - not $500,000 as initially reported.
He said police investigations were making progress, but couldn't divulge anything further because he didn't want to thwart their efforts.
"I went to the Criminal Investigation Department (CID) last night and the police were very helpful," explained Mr Rafael, who is exhibiting in Bahrain for the first time.
"The CID has been very good and I hope they will catch them and we can get the necklace back because we don't have insurance."
Mr Rafael said the theft would not prevent him from exhibiting in Jewellery Arabia next year, but said he would like to see better security at the exhibition.
"I will come back, I loved it here, the police are great," he said.
"But it's a very pricey exhibition and it should have better security, we have much better security elsewhere - every aisle should have a camera."
It was the second major theft at Jewellery Arabia and took place just a day after jewellery worth $145,000 was stolen on Thursday.
A Hong Kong-based Indian couple allegedly swapped two diamonds worth $145,000 with glass pieces from the KGK Diamonds' stand at the exhibition held at the Bahrain International Exhibition Centre.
Sources told the GDN that one of the diamonds, a 10.03 carat piece, was worth $90,000, while the other 3.01 carat piece was worth $55,000.
They said the couple, who are also exhibiting at the exhibition, were questioned by the Public Prosecution and their stand searched, but no concrete evidence had come to light.
Sources said the company didn't hire any security, but was insured. However, they added the company did not expect to get back the full market price of the diamonds.
The firm has now appointed a Bahrain-based lawyer to follow the case and hopes the two suspects will be detained, sources said.
One of the suspects, a woman, apparently first visited the KGK stand on Tuesday and expressed an interest in the diamonds - claiming she was a client of the KGK manager, said sources.
She then apparently visited the stand with her husband on Thursday and again asked to see the diamonds.
"They looked at the diamonds again and then the women went off while the husband haggled on prices and then concluded that they were too expensive and left the scene," explained sources.
"It was when they left that the company realised the stones had been swapped for glass pieces.
"The company wasn't as cautious as it might have been with other customers because they are traders.
"I think Jewellery Arabia needs more security - they have security cameras, but they are not close enough."
Sources said they believed the glass pieces had been purchased locally. KGK officials would not comment on the case, but the GDN has learnt the company is one of only 80 firms worldwide who are site holders of the renowned De Beers Diamonds of South Africa.
The company has businesses in 18 countries and has been in the diamond and jewellery business for over a century.
In October 2002, a Serbian gang stole a $1.5 million (BD567,000) diamond Cartier necklace from Jewellery Arabia.
Another diamond necklace, worth BD17,000, was stolen from the exhibition in October 2003. Two watches, costing BD3,000, which a Gulf national bought from the expo were also stolen on Friday.
They were stolen from his car where he had kept them before entering Salmaniya Medical Complex. Arabian Exhibition Management officials declined to comment on the thefts yesterday.
More than 500 companies from 28 countries around the world participated in Jewellery Arabia 2007, which concluded yesterday.
The exhibition, now in its 16th year, featured precious gems, finished jewellery and luxury watches from around the world.
becky@gdn.com.bh
