Jacob the Jeweler Net Worth (Money & Salary)

What Is Jacob the Jeweler’s Net Worth?

With a net worth estimated at $50 million, Jacob the Jeweler, also referred to as Jacob Arabo, is a Bukharian-American jeweler. His wealth stems from his role as the founder and owner of Jacob & Co., a premium maker of watches and jewelry. His creations have gained popularity among hip-hop artists, athletes, and numerous high-profile celebrities. Notable clients over the years include Floyd Mayweather, Sir Elton John, Bono, and David Beckham.

In 2006, Jacob won the Travel and Leisure Design Award for his remarkable Five Time Zone “The World is Yours” Timepiece. He became popularly known as “Jacob the Jeweler” after being referenced in rap lyrics by artists such as Jay-Z, Kanye West, 50 Cent, Big Sean, and Nas. Among his notable sales, he sold a watch named “Billionaire” to boxer Floyd Mayweather for a staggering $18 million. In addition, he offers a less extravagant alternative called “Millionaire” priced at $6 million.

However, Jacob’s journey faced significant setbacks when he served two and a half years in prison after pleading guilty to his involvement in a money-laundering operation connected to the Detroit-based Black Mafia Family. He was accused of helping launder a staggering $270 million in drug profits and also confessed to failing to report income to the IRS. As a result, he was fined $50,000 and was required to forfeit $2 million in assets to the U.S. government. Jacob was incarcerated in 2008 and was released in April 2010.

Early Life

Born Yakov Arabov on December 26, 1965, in Tashkent, Uzbekistan, Jacob the Jeweler was the youngest and only son among five children. He demonstrated an early passion for artistry and craftsmanship, especially being captivated by the intricate designs of jewelry. At the age of 13, Jacob’s fascination with watches began when his father gifted him a world time watch.

When Jacob was 14, his family emigrated from Uzbekistan to the United States.

Faced with financial hardships, Arabo’s family relocated to the United States in search of better prospects. They settled in Forest Hills, Queens, New York, where Jacob attended Forest Hills High School. His father held multiple jobs but struggled to support the family, prompting Jacob to enroll in a six-month jewelry-making course. He completed this course in four months and chose to discontinue his formal high school education. Subsequently, he secured a position at a local jewelry wholesale factory specializing in market jewelry pieces. This role allowed him to refine his skills and deepen his understanding of jewelry craftsmanship. By age 17, he was designing his own creations at night while working at the factory during the day.

Career

As Arabo continued to craft jewelry in his makeshift workshop during evenings, his natural talent and skill began attracting interest from many. Initially specializing in gold jewelry, he reached a significant milestone in his career when he launched his own jewelry brand, Jacob & Co., in 1986 at the age of 21. With a vision of creating unique and extraordinary pieces, he quickly earned praise for his bold designs and exceptional craftsmanship.

His creations drew a celebrity clientele, with the designs embodying extravagance. Among the hip-hop and rap scene in New York, he gained significant popularity, catching the eyes of rappers like Notorious B.I.G. It was Biggie who affectionately dubbed Arabo as “Jacob the Jeweler.” He also introduced him to other friends, including Jay-Z, who also became a customer.

In the 1990s, Arabo began collaborating with entertainers on custom designs. He was among the first jewelers to craft large diamond jewelry pieces specifically for men, a trend that long remains popular. During this period, his clients 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 collection named Five Time Zone. This collection showcased vibrant primary colors combined with multiple time zone technology and catered to both men and women. Notable celebrities like Naomi Campbell, Bono, Angela Bassett, and Derek Jeter were seen wearing these watches. The watches could be highly customized, with celebrity clients, such as Leonardo DiCaprio, requesting unique pieces.

In 2004, Arabo relocated from the Diamond District in New York to open a flagship boutique at 57^th and Park Avenue. Three years later, he established Jacob & Co. SA in Geneva, Switzerland, unveiling his first high-watchmaking piece, the Quenttin. Among its remarkable luxurious features, it became the first watch to incorporate a vertical tourbillon and boasted a remarkable 31-day power reserve, marking the longest power reserve globally at that time.

The Epic SF24 was created by Arabo in 2013. This innovative watch displays the time in 24 different cities worldwide and draws inspiration from the vintage split-flip boards found in airports and train terminals. This was the inaugural use of such a mechanism in a mechanical watch. That same year, the company debuted the celestial-themed Astronomia Tourbillon at Baselworld 2013, a prominent annual convention for watches and jewelry. By 2016, the Astronomia Tourbillon had 99 versions released. In 2019, Jacob was commissioned to design the crown for the Miss World American 2019 pageant, creating a stunning crown from 18k white gold adorned with 164 carats of Colombian emeralds and 95 carats of diamonds. He was also asked to judge the competition.

Personal Life

Arabo wed his wife, Angela, when he was just 24 years old. Angela shares his Bukharian Jewish heritage. The couple has three sons: David, Benjamin, and Joey. Benjamin is currently involved in the family jewelry business alongside his father. Jacob and Angela reside in Forest Hills, Queens, in a charming brick Colonial house.

Legal Problems

Over the years, Arabo has encountered certain legal issues. In 2006, he faced arrest on charges related to a conspiracy to launder around $270 million in drug profits tied to the Black Mafia Family. Ultimately, these charges were dropped. In June 2008, however, Arabo admitted guilt to a reduced charge of falsifying records and providing false statements in a plea deal he made with federal prosecutors. The court 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 freed in April 2010.

Real Estate

In March 2016, Jacob and Angela purchased a 3,500-square-foot condo on Park Avenue for $16.68 million.