The huge emerald is being returned to Brazil after years of dispute (Image: Los Angeles Sheriff Department)
A 400-kilogram “cursed emerald” valued at £795 million ($1 billion) will be returned to from the after more than two decades of disputes.
The ruling by a US federal court on November 21 ends a involving investors, gem traders, and the governments of both countries after the Bahia emerald was extracted from a mine in the Amazon rainforest in 2001.
According to court records, provided evidence the gems were illegally extracted as there were no permits for mining or exporting mineral resources, a requirement of Brazillian constitution, which declares mining assets a national property.
It also provided evidence that falsified customs documents were used to take it out of Brazil.
After being extracted from the mine, the gem underwent a series of unfortunate events earning it its “cursed” nickname, including a jaguar attack as it was taken through the jungle out of Brazil.
It is valued at £795 million ($1 billion) (Image: Los Angeles Sheriff Department)
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The warehouse where it was stored in was damaged by Hurricane Katrina, and it was then stolen from the next warehouse in Los Angeles where it was moved to. It was finally recovered by authorities in Las Vegas, Nevada.
Various groups have been in legal disputes claiming to be its rightful owner, such as American businessman Kit Morrison, who led a consortium of investors claiming to have acquired the gem in good faith.
Morrison and his group argued they had paid £1.03 million ($1.3 million) for rights to the stone with intentions to resell it at a much higher price, which a California court recognised in 2015.
However in the same year, the US Department of Justice initiated a federal process to confiscate it, on the grounds that Brazil had provided sufficient evidence its extraction and export were illegal.
In 2021, a Brazilian court issued a definitive confiscation order, and in 2022, the Department of Justice formally requested its return under the Mutual Legal Assistance Treaty between Brazil and the United States.
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The gem was discovered in a mine in the Brazilian Amazon (Image: Getty)
Brazil asserted that the emerald was a national treasure and should return to be preserved as part of cultural heritage.
Brazilian federal prosecutor Boni de Moraes Soares, who specialises in international disputes, said: “We are very pleased with this decision. We are closer than ever to bringing Bahia’s emerald back to Brazilian people.”
Morisson expressed disappointment but acceptance: “I don’t feel defeat or loss. As an investor, you do everything you can to protect and enhance your opportunities, but some things are out of your control.”
Brazilian authorities indicated the Bahia emerald, which is considered one of the largest in the world, will be displayed in a museum to celebrate cultural heritage following its expected return in the coming months.