After 24 years of legal battles spanning several continents, the 'cursed' Bahia Emerald – a 397kg-pound gemstone reputed to be the largest in the world – will finally return to Brazil. US District Judge Reggie B Walton ruled on Thursday that the emerald, worth an estimated $1 billion, must be returned to its home country, brushing aside claims from US investors who had long argued for its ownership.
“We are very happy with the decision,” Boni de Moraes Soares, a federal prosecutor from Brazil, told The Washington Post. “We are closer than ever to returning the Bahia Emerald to the Brazilian people.”
The emerald's story dates back to 2001, when it was illegally mined from Brazil and smuggled into the US. Its journey since then has seen allegations of fraud, criminal convictions and property disputes, with the gem ultimately ending up in the custody of the Los Angeles Sheriff's Department, where it has languished for more than 15 years.
Considered “cursed” due to its troubled history, the emerald survived a panther attack during its transportation and flooding from Hurricane Katrina. Ownership battles raged for more than a decade, with the Brazilian government and several parties fighting for control. Rumors also linked the emerald to criminal activity, including ties to the Brazilian mafia and a questionable $197 million deal with Bernie Madoff.
Brazil has long claimed the emerald as a national treasure, saying it was illegally removed and calling for its return under a forfeiture order from a Brazilian court. The U.S. government, operating under the Mutual Legal Assistance Treaty, supported Brazil's efforts, leading to Judge Walton's decisive ruling.
“The Court has concluded that the interveners' positions are insufficient to prohibit the return of the Emerald to Brazil,” the judge wrote, referring to the claims of US gem speculators. “The Court must therefore enforce the Brazilian judgment on forfeiture of the Bahia Emerald.”
Among those who challenged the ruling was Kit Morrison, an Idaho businessman who invested $1.3 million in selling the emerald. Although he accepted the decision, Mr Morrison felt no bitterness. “I don't have any sense of defeat or loss,” he said. “As an investor and entrepreneur, you do everything you can to protect, preserve and enhance investments and opportunities. However, you can't control the things you can't control.”
Brazil is now ready to welcome back the colossal gemstone, which will likely be put on display in a museum.
