What's new

Millions of dollars of jewelry stolen

No news on any arrests, but a little more background:

The name of the owner of the store was withheld from media reports at his request, but it was apparently jointly owned with his wife, named only as “Rita” in media reports.

A ‘gofundme’ page has been set up to help the family, with a disclaimer that the store owner had not asked for this help and did not want it. The appeal says it’s “on behalf of Kioumars Kohanzad” but it’s not completely clear if he is the owner, who is referred to in the text as “Q”. There is a business named Kioumars Q. Kohanzad listed in Beverly Hills (of unspecified type) and a listing for Kioumars and Rita Kohanzad as residents in Beverly Hills.

The Love Jewels Los Angeles store is reportedly [by 'police1.com'] known for being the source of bling for rappers, artists, and some gangsters. On social media, the store boasts images of personal necklace tributes, gold Rolex watch straps, diamond-encrusted miniature AK-47s, M-4 trinkets, and enormous racks of gold chains.

“Q” is referred to in the ‘gofundme’ text as a Jewish Persian immigrant who came to America after fleeing Iran, who has run the Los Angeles business for 20 years, suffered a similar robbery in 2011, and has since rebuilt the business.

It’s said that he was forced to operate uninsured by the outrageous cost of insurance.

The ‘gofundme’ appeal has so far raised almost $30,000 of a $300,000 target:

 
No news on any arrests, but a little more background:

The name of the owner of the store was withheld from media reports at his request, but it was apparently jointly owned with his wife, named only as “Rita” in media reports.

A ‘gofundme’ page has been set up to help the family, with a disclaimer that the store owner had not asked for this help and did not want it. The appeal says it’s “on behalf of Kioumars Kohanzad” but it’s not completely clear if he is the owner, who is referred to in the text as “Q”. There is a business named Kioumars Q. Kohanzad listed in Beverly Hills (of unspecified type) and a listing for Kioumars and Rita Kohanzad as residents in Beverly Hills.

The Love Jewels Los Angeles store is reportedly [by 'police1.com'] known for being the source of bling for rappers, artists, and some gangsters. On social media, the store boasts images of personal necklace tributes, gold Rolex watch straps, diamond-encrusted miniature AK-47s, M-4 trinkets, and enormous racks of gold chains.

“Q” is referred to in the ‘gofundme’ text as a Jewish Persian immigrant who came to America after fleeing Iran, who has run the Los Angeles business for 20 years, suffered a similar robbery in 2011, and has since rebuilt the business.

It’s said that he was forced to operate uninsured by the outrageous cost of insurance.

The ‘gofundme’ appeal has so far raised almost $30,000 of a $300,000 target:

Great research.
 
No Insurance :icon_scratch:in LA :o

• Apr 15, 2025

Brazen thieves cut through a brick wall and made their way into a downtown LA jewelry store, stealing millions of dollars worth of jewelry.

Based on the extreme markup of jewelry, if it was $10M retail, they stole about $500K worth! LOL
 
Related...?

Four Chilean nationals with ties to an international theft ring were charged with four felonies on Friday morning for burglarizing more than $3 million in jewellery and valuables from 5 Star Jewelry & Watch Repair in Simi Valley on Memorial Day.

Three male suspects were captured on security cameras casing the store, inspecting ceiling access, potential camera angles and sitting beside the shared wall separating the jewellery store from a candy shop on 20 May before it was robbed five days later. The thieves broke into the adjacent candy store through the roof, used ladders and ropes to shimmy down down, blacked out surveillance cameras and spent hours boring a hole through a wall and into a 5,000-pound safe to make off with jewellery, bullion, cash and heirlooms belonging to customers which were awaiting repair.

The police recovered about $600,000 in confirmed stolen property and jewellery, including matches to 5 Star’s inventory, together with than $20,000 in cash. Several loose stones that had been ripped out of larger jewellery that has probably already been scrapped for precious metal were also recovered. The gang had apparently been really quick in disposing of most of the jewellery. The store owner estimated his loss between $2 million and $2.5 million in cash and inventory - gold bullion, silver bars, white gold and platinum pieces, multiple high-end watches and centre-stone diamond engagement rings.

Police also uncovered a firearm taken from a separate pawn shop burglary in Los Angeles in which a wall was similarly breached, but declined to further discuss other burglaries that the gang may have committed.

All four defendants entered not guilty pleas and are being held on $100,000 bail until due back in court on 23 June.
 
Except they said they didn't have any insurance. (Seriously??)

Once we step beyond "normal" insurance risks nd rates "riders" come up.
Many things can be insured; at a cost.
Factors affecting cost can and do include location.

Most if not all of my personal insurance policies include the clause stating acts of "civil unrest" are not covered.
With valuable valuables exceeding normal policy coverage not covered by riders ; the stated coverage limits will apply!

Retail or wholesale cost of inventory to dealer? Retail or wholesale value being claimed?
Either way they were robbed. An insult to whoever was responsible for securing stock.
 

Users who are viewing this thread

Latest Discussions

Back
Top Bottom