Yakov Arabov was born in the (then Soviet) Republic of Uzbekistan, and is a jeweler, best known for being the founder of Jacob & Company, and as one of the world’s best known jewelers, being the main choice of numerous celebrities for his jewelry design. All of his efforts have helped put his net worth to where it is today.
How rich is Jacob the Jeweler? As of late-2016, sources estimate a net worth that is at $5 million, mostly earned through his success in the jewellery industry. He’s often mentioned in numerous pop culture references, and has won a number of awards for his work. He also travels around the world, and makes collections for various stores. As he continues his career, it is expected that his wealth will increase.
Jacob the Jeweler Net Worth $5 million
When he was 14 years old, Jacob’s family moved from Uzbekistan to the United States. Even at that age, he already had an interest in time pieces and jewelry, so just before completing high school, he discontinued his education and enrolled in a jewelry-making course, supposedly of six month but which he finished in just four months. The following year, he was already designing his own jewelry in New York City.
He started out selling jewelry pieces from the Kaplan Jewelry Exchange through a small kiosk. Four years later at the age of 21, he founded his own company called Diamond Quasar and started to make his own brand of jewelry branded as Jacob & Co. He initially sold traditional jewelry at a moderate price, but soon celebrities and other artists started noticing his work. He became especially famous among hip hop artists, and in the 1990s his business started to grow at a rapid pace. It was then that he then became known as “Jacob the Jeweler”, and is even mentioned in rap songs by such artists as Jay-Z, and including “Get in My Car” by 50 Cent and “Touch the Sky” by Kanye West. In 2005, he relocated to a store on East 57th street, which is known to be adorned with his signature five-time-zone watches.
Hi net worth was certainly growing.
One of his watches, called “The World is Yours” became the winner of a Travel + Leisure Design Award in 2006. He was also featured in the video game “Def Jam Fight For NY”, in which the characters can buy jewelry from him.
For his personal life, it is known that Jacob married Angela when he was 24 years old and the couple bought a Colonial house in 1999; they currently reside in Forest Hills, Queens. In 2006, Arabo was charged with money laundering and conspiracy in connection with a Detroit-based mafia. He was also charged for his lack of declaration to the IRS for large cash purchases. In 2007, he admitted lying to investigators and entered a plea deal which saw the charges of money laundering dropped. He was sentenced to two years in prison and forfeited $2 million to the US government. He was released in April 2010.
