Jacob the Jeweler Net Worth (Money & Salary)

What Is Jacob the Jeweler’s Net Worth?

Jacob the Jeweler, also known as Jacob Arabo, is a Bukharian-American jeweler boasting a net worth of $50 million. He amassed this wealth as the founder and owner of Jacob & Co., a luxury watch and jewelry brand. His creations are particularly popular among hip-hop artists, athletes, and various high-profile celebrities, including Floyd Mayweather, Sir Elton John, Bono, and David Beckham, who have been part of his prestigious clientele over the years.

In 2006, Jacob was honored with the Travel and Leisure Design Award for his Five Time Zone “The World is Yours” Timepiece. The moniker “Jacob the Jeweler” arose after rap artists, such as Jay-Z, Kanye West, 50 Cent, Big Sean, and Nas, mentioned him in their songs. He sold an extravagant watch named “Billionaire” to boxer Floyd Mayweather for a staggering $18 million, while a simpler variant called “Millionaire” retails for $6 million.

Unfortunately, Jacob faced legal troubles and spent two and a half years in prison after pleading guilty to a money-laundering scheme associated with Detroit’s Black Mafia Family criminal organization. He was implicated in laundering $270 million in drug profits and also confessed to failing to report income to the IRS. As a consequence, he was fined $50,000 and compelled to forfeit $2 million in assets to the U.S. government, serving his sentence from 2008 until his release in April 2010.

Early Life

Born Yakov Arabov on December 26, 1965, in Tashkent, Uzbekistan, Jacob the Jeweler is the youngest of five children and the only male. Displaying a natural talent for artistry and craftsmanship early on, Jacob was particularly captivated by the intricate designs of jewelry. His fascination with watches emerged at age 13 following a gift of a world time watch from his father.

At the age of 14, Jacob and his family immigrated to the United States.

During his teenage years, as his family struggled financially, they relocated to the United States in search of improved prospects. Settling in Forest Hills, Queens, New York, he enrolled at Forest Hills High School. His father’s multiple jobs were insufficient to sustain the family, prompting Jacob to enroll in a six-month jewelry-making course, which he completed in four months, leading to his decision to discontinue formal education. He then secured employment at a local jewelry wholesale factory producing market jewelry pieces. This role allowed him to refine his skills and deepen his comprehension of jewelry craftsmanship. By 17, he was designing his own creations at night in his bedroom while working at the factory during the day.

Career

Recognizing Arabo’s inherent talent and craftsmanship, interest in his jewelry from his evening workshop began to grow. Initially focusing on gold jewelry, the pivotal moment in his career arrived in 1986 when he established his own company, Jacob & Co., at just 21 years old. Driven by a desire to produce remarkable and unconventional pieces, he quickly garnered acclaim for his bold designs and superior craftsmanship.

His work drew in a celebrity clientele, embodying the spirit of luxury. Particularly favored in the hip-hop and rap scene of New York, he garnered attention from notable rappers, including Notorious B.I.G. It was Biggie who bestowed upon Arabo the nickname “Jacob the Jeweler.” He also introduced him to friends like Jay-Z, who became one of his clients.

In the 1990s, Arabo began collaborating with entertainers on custom jewelry designs. He was among the pioneers in crafting oversized diamond jewelry pieces for men, a trend that continues to thrive today. His notable clients from that era 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 launched a quartz watch line called Five Time Zone. This collection showcased vibrant primary colors and featured technology for multiple time zones, appealing to both men and women. Some celebrities donning these watches were Naomi Campbell, Bono, Angela Bassett, and Derek Jeter. Furthermore, the watches boasted a high level of customization, with clients like Leonardo DiCaprio requesting unique designs.

Relocating from the Diamond District in New York, Arabo established a flagship boutique at 57^th and Park Avenue in 2004. In 2007, he founded Jacob & Co. SA in Geneva, Switzerland, unveiling his inaugural high-watchmaking piece, the Quenttin. This remarkable timepiece featured luxury elements, including the world’s first vertical tourbillon and a 31-day power reserve, the longest of its kind at that time.

Arabo introduced the Epic SF24 in 2013, a two-time zone watch capable of displaying the time in 24 global cities. Its design drew inspiration from the traditional split-flip boards found in airports and train terminals. This was the first instance of such a system in a mechanical watch. The same year, he showcased the celestial-themed Astronomia Tourbillon at Baselworld 2013, an extensive annual convention for watches and jewelry. By 2016, the Astronomia Tourbillon had 99 variations. In 2019, Jacob was commissioned to design the crown for the Miss World American 2019 pageant, creating a stunning crown of 18k white gold embellished with 164 carats of Colombian emeralds and 95 carats of diamonds. He also served as a judge for the event.

Personal Life

At the age of 24, Arabo married Angela, who shares Bukharian Jewish heritage. Together, they have three sons: David, Benjamin, and Joey. Benjamin currently collaborates with his father in the jewelry industry. The family resides in a brick Colonial house in Forest Hills, Queens.

Legal Problems

Throughout the years, Arabo faced legal challenges. In 2006, he was arrested on allegations of conspiring to launder approximately $270 million in drug proceeds for the Black Mafia Family, although the charges were eventually dropped. In June 2008, Arabo admitted guilt to a lesser charge of falsifying records and making false statements as part of a plea deal with federal prosecutors. Consequently, he was sentenced to 2.5 years in federal prison and was required to pay a $50,000 fine alongside an additional $2,000,000 forfeiture to the U.S. government, with his release occurring in April 2010.

Real Estate

In March 2016, Jacob and Angela acquired a 3,500-square-foot NYC condominium on Park Avenue, paying $16.68 million for the property.