Jacob the Jeweler Net Worth (Money & Salary)

What Is Jacob the Jeweler’s Net Worth?

With a net worth of $50 million, Jacob the Jeweler, whose real name is Jacob Arabo, is a Bukharian-American jeweler. He built his wealth as the founder and owner of Jacob & Co., a prestigious maker of watches and jewelry. His creations are especially popular among hip-hop artists, athletes, and numerous high-profile celebrities, including notable clients like Floyd Mayweather, Sir Elton John, Bono, and David Beckham.

In 2006, Jacob was awarded the Travel and Leisure Design Award for his Five Time Zone “The World is Yours” Timepiece. The moniker “Jacob the Jeweler” became widely recognized after his name was mentioned in rap songs by artists such as Jay-Z, Kanye West, 50 Cent, Big Sean, and Nas. He once sold a watch named “Billionaire” to boxer Floyd Mayweather for $18 million, while a more understated version called “Millionaire” retails for $6 million.

Sadly, Jacob faced legal issues and served two and a half years in prison after admitting to being involved in a money-laundering operation with the Detroit-based Black Mafia Family. He was accused of assisting the gang in laundering $270 million in drug profits. Additionally, he confessed to failing to report income to the IRS. Jacob was fined $50,000 and required to forfeit $2 million in assets to the U.S. government, entering jail in 2008 and being released in April 2010.

Early Life

Born Yakov Arabov on December 26, 1965, in Tashkent, Uzbekistan, Jacob the Jeweler was the youngest of five children and the only son. From an early age, he displayed a natural talent for artistry and craftsmanship, showing a keen interest in the intricate designs of jewelry pieces he encountered. At the age of 13, his fascination with watches began when his father gifted him a world time watch.

When Jacob was 14, he and his family immigrated to the United States.

Facing financial struggles, Jacob’s family sought better opportunities in the U.S., eventually settling in Forest Hills, Queens, New York. While attending Forest Hills High School, Jacob’s father juggled multiple jobs, struggling to support the family. As a result, Jacob decided to enroll in a six-month jewelry-making course, completing it in four months before dropping out of high school. He then took a position at a local jewelry wholesale factory that produced market jewelry, where he developed his craftsmanship and gained intricate knowledge of the trade. By 17, he was designing his own pieces at night in his bedroom while working at the factory by day.

Career

Recognized for his inherent talent, Arabo’s jewelry creations caught the attention of many, leading to growing demand from those intrigued by his work from his makeshift evening workshop. Specializing in gold jewelry at this juncture, a pivotal moment in Arabo’s career occurred when he established his own jewelry company, Jacob & Co., in 1986 at the age of 21. With a vision to produce extraordinary and unconventional pieces, he quickly garnered acclaim for his innovative designs and exceptional craftsmanship.

His creations drew in a celebrity clientele, encapsulating the spirit of extravagance through his designs. Particularly favored by New York’s hip-hop and rap community, he garnered the notice of rappers like Notorious B.I.G., who famously bestowed upon Arabo the nickname “Jacob the Jeweler.” Additionally, Biggie facilitated connections for him with others, such as Jay-Z, who also chose to acquire pieces from him.

During the 1990s, Arabo began collaborating with entertainers on bespoke designs. He was among the first jewelers to craft large diamond jewelry pieces specifically for men, a trend that continues to be prevalent today. His clientele from this period included notable figures such as 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 collection known as Five Time Zone, characterized by bold primary colors and featuring technology for multiple time zones, catering to both men and women. Celebrities such as Naomi Campbell, Bono, Angela Bassett, and Derek Jeter were seen wearing these watches. The watches also offered high customization options, prompting some celebrity clients, including Leonardo DiCaprio, to request unique pieces.

By 2004, Arabo transitioned from the Diamond District in New York to a prominent flagship boutique located at 57^th and Park Avenue. In 2007, he established Jacob & Co. SA in Geneva, Switzerland, unveiling his inaugural high-watchmaking piece, the Quenttin. This watch was remarkable for its luxury features, being the first to incorporate a vertical tourbillon alongside a 31-day power reserve, which was at that time the longest power reserve globally.

In 2013, Arabo developed the Epic SF24, a watch that can tell time across 24 cities worldwide. Its design drew inspiration from the old split-flip boards used in airport and train terminals historically. This represented the first instance of such a system being employed in a mechanical watch. That same year, he presented the celestial-themed Astronomia Tourbillon at Baselworld 2013, a major annual convention for watch and jewelry. By 2016, there had been 99 variations of the Astronomia Tourbillon created. In 2019, Jacob was chosen to design the crown for the Miss World American 2019 pageant, crafting an 18k white gold crown embellished with 164 carats of Colombian emeralds and 95 carats of diamonds. He was also invited to serve as a judge for the competition.

Personal Life

Marrying his wife, Angela, at the age of 24, Arabo chose someone of Bukharian Jewish descent. The couple has welcomed three sons: David, Benjamin, and Joey, with Benjamin currently working alongside his father in the jewelry business. Jacob and Angela reside in a brick Colonial house in Forest Hills, Queens.

Legal Problems

Over the years, Arabo has encountered some legal issues. In 2006, he was arrested on allegations of conspiracy to launder approximately $270 million in drug revenues for the Black Mafia Family; however, these charges were eventually dismissed. In June 2008, Arabo pleaded guilty to lesser charges related to falsifying records and providing false statements as part of a plea deal with federal prosecutors. The judge sentenced him to 2.5 years in federal prison, alongside a $50,000 fine and an additional $2,000,000 forfeiture to the US government. He was released in April 2010.

Real Estate

In March 2016, Jacob and Angela made a purchase of a 3,500-square-foot condo in NYC on Park Avenue for $16.68 million.