Police officers guard the Harry Winston jewellery shop in Paris, after a robbery. AP
Police officers guard the Harry Winston jewellery shop in Paris, after a robbery. AP
Police officers guard the Harry Winston jewellery shop in Paris, after a robbery. AP
Police officers guard the Harry Winston jewellery shop in Paris, after a robbery. AP

Three men charged in connection with Harry Winston jewellery robbery in Paris


Gillian Duncan
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Police have charged three men in connection with a robbery at the luxury Paris boutique of the Harry Winston group, which saw thieves make off with jewellery worth €7 million ($7.5 million).

Armed robbers used a motorbike as a battering ram during the robbery in May.

The three are being held in custody in connection with the crime.

They were arrested last week at an apartment in a wealthy Paris suburb where much of the loot was reportedly discovered.

Two men entered the boutique and broke nine windows using a hatchet during the attack on May 18, while a third waited outside with a Kalashnikov machinegun.

As they sped away, they pointed the firearm “in the direction of police officers, who had to put an end to their pursuit”, prosecutors said.

They stole 23 pieces of jewellery with a resale value of about €340,000 each.

According to Le Parisien newspaper, they were apprehended after a man living in Paris, a French-Israeli citizen, sought to sell on the jewellery.

That led police to an apartment in a wealthy suburb of the capital, where they discovered 17 pieces of jewellery worth about €5.5 million. The jewellery appeared unaltered, apart from one ring that had some stones removed.

The three men were placed in pretrial detention on Monday, on charges of “concealment of theft by an organised gang” and “criminal conspiracy”, said the newspaper.

It is not the first time the boutique has been targeted.

In 2015, eight people were convicted in connection with a 2008 robbery, in which three gunmen fled with a loot worth $92 million from the same store.

After opening his eponymous jewellery house in New York in 1932, the late Harry Winston revolutionised modern jewellery design. He was perhaps best known for donating the 45.52-carat Hope Diamond to the Smithsonian Institution in Washington.

The American luxury jewellery brand has forged a reputation for offering some of the finest white and coloured diamonds money can buy.

Customers include Crown Prince Hussein of Jordan, who proposed to Rajwa Al Saif with a Harry Winston pear-cut diamond ring.

The largest Harry Winston engagement ring made was for Jacqueline Kennedy Onassis. Weighing 40.42 carats, it was presented by the Greek-Argentine businessman Aristotle Onassis, and was one of 18 stones cut from the 601-carat Lesotho III diamond.

Two years after her death, it was sold at auction in 1996 for $2.6 million, while today it is valued closer to $20 million.

A man removes the wreckage of a vehicle that was used by robbers to ram into a Chanel boutique, near the Champs-Elysees in Paris, in a separate theft. AFP
A man removes the wreckage of a vehicle that was used by robbers to ram into a Chanel boutique, near the Champs-Elysees in Paris, in a separate theft. AFP

In June, thieves rammed a Chanel boutique in Paris, driving an SUV through the front window, before making off with a haul reportedly worth between €6 million and €10 million.

On the same day in Rome a gang of thieves broke into the Bulgari store on Via Condotti, making off with jewellery and watches estimated to be worth €500,000.

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Name: Kumulus Water
 
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Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

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Power: 253hp @ 5,500rpm

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Full time contracts

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Part time contracts

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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

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How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

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Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

Brighton v Arsenal (6pm)

West Ham v Wolves (8.30pm)

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Sunday

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Aston Villa v Chelsea (7.15pm)

Everton v Liverpool (10pm)

Monday

Manchester City v Burnley (11pm)

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG

June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland

September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal

February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal

Richard Jewell

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Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley

Two-and-a-half out of five stars 

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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

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Updated: July 02, 2024, 4:34 PM