What Is Jacob the Jeweler's Net Worth?
Jacob the Jeweler is a Bukharian-American jeweler who has a net worth of $50 million. Jacob the Jeweler, also known as Jacob Arabo, earned his net worth as the owner and founder of Jacob & Co., a high-end watch and jewelry maker. Jacob the Jeweler's watches and other accessories are well-known among hip-hop artists, athletes, and many other high-profile celebrities. Among some of his most prestigious clientele over the years have been Floyd Mayweather, Sir Elton John, Bono, and David Beckham.
Jacob won the 2006 Travel and Leisure Design Award for his Five Time Zone "The World is Yours" Timepiece. He became known as "Jacob the Jeweler" after being named dropped in rap songs by artists like Jay-Z, Kanye West, 50 Cent, Big Sean, and Nas. He sold a watch called "Billionaire" to boxer Floyd Mayweather for $18 million. He sells a less blinged-out version called "Millionaire" for $6 million.
Unfortunately, Jacob spent two and a half years in prison after pleading guilty to being part of a money-laundering scheme with the Detroit-based Black Mafia Family criminal organization. He was charged with helping the gang launder $270 million worth of drug profits. He also admitted to not declaring income to the IRS. Jacob was fined $50,000 and ordered to forfeit $2 million worth of assets to the U.S. government. He entered jail in 2008 and was released in April 2010.
Early Life
Jacob the Jeweler was born Yakov Arabov on December 26, 1965, in Tashkent, Uzbekistan. He was the youngest of five children and the only son. He exhibited a natural inclination towards artistry and craftsmanship from a young age. As a child, Jacob often found himself fascinated by the intricate designs of jewelry pieces that he came across. His interest in watches specifically began at the age of 13 when his father gave him a world time watch.
Jacob and his family emigrated from Uzbekistan to the United States when he was 14.
His family faced financial difficulties and in his teenage years, Arabo's family moved to the United States, seeking better opportunities. Settling in Forest Hills, Queens, New York, he attended Forest Hills High School. His father worked several jobs but had a hard time supporting the family, which led to Jacob enrolling in a six-month jewelry-making course. He graduated in four months and discontinued his formal education in high school. He then took a job at a local jewelry wholesale factory that made market jewelry pieces. This experience allowed him to hone his skills and gain a deeper understanding of the intricacies of jewelry craftsmanship. By the age of 17, he was designing his own pieces at night in his bedroom and working at the factory in the day.
Photo provided by Jacob Arabo
Career
Arabo's innate talent and skill did not go unnoticed, as more and more people were interested in the jewelry he was making from his makeshift workshop in the evenings. At this point, he specialized in gold jewelry. The turning point in Arabo's career came when he founded his own jewelry company, Jacob & Co., in 1986 at the age of 21. Armed with a vision to create extraordinary and unconventional pieces, he quickly gained recognition for his daring designs and impeccable craftsmanship. His creations attracted a celebrity clientele, and the designs captured the essence of extravagance. He was particularly popular among the hip-hop and rap community in New York, attracting the attention of rappers such as Notorious B.I.G. It was Biggie who gave Arabo the moniker "Jacob the Jeweler." He also introduced him to some of his other friends, like Jay-Z, who also purchased pieces from him.
Arabo also started working with entertainers on custom designs in the 1990s. He was also one of the first jewelers to create large diamond jewelry pieces for men, a trend that remains mainstream today. Some of his clients during this time included Sean "Puffy" Combs, Biz Markie, 50 Cent, Big Sean, Madonna, Pharrell, Elton John, David and Victoria Beckham, Jennifer Lopez, Salma Hayek, Sofia Vergara, Michael Jordan, Mariah Carey and Canelo Álvarez.
In 2002, Arabo created a quartz watch collection called Five Time Zone. The collection featured bold primary colors with multiple time zone technology and was designed for both men and women. Some celebrities who wore the watches include Naomi Campbell, Bono, Angela Bassett, and Derek Jeter. The watches were also highly customizable, and some celebrity clients, like Leonardo DiCaprio, ordered one-of-a-kind pieces.
In 2004, Arabo moved from the Diamond District in New York to a flagship boutique at 57th and Park Avenue. In 2007, he founded Jacob & Co. SA in Geneva, Switzerland, and introduced his first high-watchmaking timepiece, the Quenttin. Among other notable luxury features, it was the first watch to have a vertical tourbillon and a 31-day power reserve. At the time, this was the world's longest power reserve.
In 2013, Arabo created the Epic SF24. This watch is a two-time zone watch that displays the time in 24 cities around the world. Its design is inspired by the old split-flip board at airport and train terminals in the past. It was the first time a system like this was used in a mechanical watch. The same year, the company released the celestial-themed Astronomia Tourbillon at Baselworld 2013, a massive watch and jewelry annual convention. By 2016, there were 99 iterations of the Astronomia Tourbillon. In 2019, Jacob was selected to create the crown for the Miss World American 2019 pageant. He designed a crown of 18k white gold that was adorned with 164 carats of Colombian emeralds and 95 carats of diamonds. He was also invited to act as a judge of the competition.
Personal Life
Arabo married his wife, Angela, at the age of 24. She is also of Bukharian Jewish descent. The couple has welcomed three sons – David, Benjamin, and Joey. Benjamin now works with his father in the jewelry business. Jacob and Angela live in Forest Hills, Queens, in a brick Colonial house.
Legal Problems
Arabo has been involved in some legal trouble over the years. He was arrested in 2006 on accusations that he and others conspired to launder about $270 million in drug profits for the Black Mafia Family. The charges were eventually dropped. In June 2008, Arabo did plead guilty to a lesser charge of falsifying records and giving false statements as part of a deal he struck with federal prosecutors. The judge sentenced Arabo to a 2.5-year sentence in federal prison and ordered him to pay a $50,000 fine and an additional $2,000,000 as forfeiture to the US government. He was released in April 2010.
Real Estate
In March 2016, Jacob and Angela paid $16.68 million for a 3,500-square-foot NYC condo on Park Avenue.
