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  Scuba diving treasure hunter turns up massive underwater emerald find off Florida Keys


May 5, 2012


A deep-sea treasure hunter, who after years of fruitless searching discovered a massive cache of rough emeralds off the coast of the Florida Keys, was featured by the prime time CBS news magazine 60 Minutes in April, after the network agreed to his stipulation that it would not reveal the exact location of the gemstones.

Three years ago Jay Miscovich, a real estate investor and amateur treasure-hunter, met a down-and-out scuba diving friend in a bar in Key West, Florida, and for $500 bought from him a pottery shard, a map and some coordinates in the Gulf of Mexico, where the friend said he had made an interesting find.

Miscovich and an associate with a boat searched the area, which for hundreds of years has been the site of numerous shipwrecks, most of boats which sank plying the treacherous waters separating North and South America. At first they discovered only junk, but after meandering about the area for while chanced upon some emeralds, which proved to be the first of many.

As Mosovich told CBS correspondent Armen Keteyian, thus far they have recovered 65,000 gems, with a potential value of $10 million, and possibly a great deal more. Mosovich, incidentally, said that he paid his friend with the map an additional $50,000 after discovering the emeralds.

The source of gemstones remains a mystery. At first it was surmised that they came from an ancient shipwreck carrying goods between Colombia and the United States. But the discovery of certain more modern additives has given more prominence to the assumption that the emeralds were dumped by Colombian smugglers , possibly connected to the drug trade, as they fled the U.S. Coast Guard.

In the meantime Miscovich is working to obtain legal ownership of his find. For that purpose he hired Key West attorney David Horan, who got Miscovich federal court approval for temporary custody while full ownership is deliberated. Called an "Admiralty Arrest" that case is being heard in a Federal District Court, and it remains ongoing. The trouble is that until it is decided Miscovich and his partners are sitting on a large stock of emeralds that they cannot sell.

After the 60 Minutes slot was broadcast, Oceanic Research and Recovery Inc., a marine salvage and exploration company, confirmed that it has been involved with the discovery of emeralds made by Miscovich. Scott Heimdal, ORRV's president and CEO, said that he had assisted Miscovich and his company, JTR Enterprises, with early stage project management and financing. In exchange for those contributions ORRV currently owns 5.21 percent of JTR Enterprises.

To view the 60 Minutes program on the CBS website CLICK HERE

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