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While the giant gemstone was said to contain zones of emerald, much of it was believed to be dyed white beryl.



  'World's largest cut emerald' fails to sell after owner's arrest in Canada


February 12, 2012


A 57,500-carat crystal, which had been billed as the world's largest emerald and was said to be worth at least $1.15 million, failed to sell at auction after the stone's owner, Regan Reaney, was arrested in Kelowna, British Columbia, in connection to multiple fraud offences that allegedly took place in Ontario.

The story began in mid-January, when Reaney put the watermelon-sized stone up for auction at Western Star Auctions in Kelowna. He described himself as a rare gems dealer from Calgary, and said that he had obtained the "emerald" in India through a contact made on the Internet. The stone allegedly had been mined in Brazil.

Reaney said that, while the stone had been appraised at $1.15 million, its real value was in the "priceless zone." There were rumors of million-dollar offers from Texas and Dubai, but Reaney said he hoped that it would remain in Canada.

Doubts were raised early on about the identity of the stone. According to Jeff Nechka, owner of Calvary-based Premier Gems, who appraised the stone, it definitely contained emerald, but the stone has been dyed, suggesting that least part of it could be dyed white beryl.

Quoted by JCK, Shane McClure, director of GIA's West Coast Identification Service, who had not examined the stone, noted that if there is any white beryl in the stone, GIA would likely term it "beryl with zones of emerald." McClure also told the media that said white beryl could be dyed to any color or intensity.

Reaney was arrested by Royal Canadian Mounted Police officers the day before the auction was scheduled to take place. He was accused of multiple fraud offenses in Ontario.

The auction did take place the following day, but there were no bids on the controversial stone. "There was definitely interest in it," Mike Odenbach, owner of Western Star Auctions, told reporters afterward. "Maybe with what's gone on recently, it was a bit much for people. It's not a nice situation."

Writing in her blog after the event, gemologist Antoinette Matlins wrote: "Here again, the only thing one can say about this 57,000-carat cut emerald is that it's heavy; hence the name with which it was dubbed by many gemologists and serious collectors: the emerald doorstop. And it would make a "gem" of a doorstop...as long as it doesn't find itself sitting in a puddle into which the green dye might be released and stain the floor!"

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