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, also known as Jacob Arabo, is a Bukharian-American jeweler. His wealth stems from being the founder and owner of Jacob & Co., which specializes in high-end jewelry and watches. His luxury accessories have gained popularity among various high-profile figures, including hip-hop artists and athletes. Notable clients over the years have included Sir Elton John, Floyd Mayweather, Bono, and David Beckham.

In 2006, Jacob received the Travel and Leisure Design Award for his Five Time Zone “The World is Yours” Timepiece. He gained the moniker “Jacob the Jeweler” after prominent mentions in rap songs by artists such as Jay-Z, Kanye West, Nas, Big Sean, and 50 Cent. One of his renowned sales was a watch known as “Billionaire,” which was sold to boxer Floyd Mayweather for $18 million, while a more understated version, called “Millionaire,” retails for $6 million.

Regrettably, Jacob spent two and a half years in prison after he pleaded guilty to involvement in a money-laundering operation linked with the Detroit-based Black Mafia Family criminal group. He faced charges for assisting the gang in laundering $270 million in drug profits, and he acknowledged failing to report income to the IRS. As a consequence, Jacob was fined $50,000 and was ordered to forfeit $2 million in assets to the U.S. government before he was incarcerated in 2008 and 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, developing a keen interest in jewelry designs. His fascination with watches initiated at the age of 13, when his father gifted him a world time watch.

At the age of 14, Jacob and his family emigrated from Uzbekistan to the United States, seeking a better life.

In search of improved financial circumstances, Arabo’s family relocated to the United States during his teenage years. They settled in Forest Hills, Queens, New York, where Jacob enrolled at Forest Hills High School. His father held multiple jobs but struggled to support the household, prompting Jacob to take a six-month jewelry-making course, which he completed in just four months, opting to leave high school. Subsequently, he secured employment at a local jewelry wholesale factory producing market jewelry. This role allowed him to enhance his skills and gain a comprehensive understanding of jewelry craftsmanship. By 17, he was designing his own pieces at night in his bedroom while working at the factory during the day.

Career

Jacob’s exceptional talent and craftsmanship caught the attention of many, leading to a growing interest in the jewelry he produced from his evening workshop. During this time, he focused on creating gold jewelry. The pivotal moment in his career arrived in 1986 when he established his own jewelry company, Jacob & Co., at the age of 21. Driven by a vision to create innovative and extraordinary pieces, he quickly garnered recognition for his bold designs and superior craftsmanship.

Celebrity clientele were drawn to his creations, with designs that embodied the essence of extravagance. He gained popularity particularly in the hip-hop and rap scenes of New York, capturing the attention of notable rappers like Notorious B.I.G. It was Biggie who dubbed Arabo “Jacob the Jeweler,” and he introduced him to other friends such as Jay-Z, who also purchased his pieces.

During the 1990s, Arabo began collaborating with entertainers on custom designs. He pioneered the trend of creating large diamond jewelry for men, a style that remains prevalent today. Among his clients during this era were 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 called Five Time Zone. This collection showcased bold primary colors and featured multiple time zone technology, catering to both men and women. Celebrities who wore these watches included Naomi Campbell, Bono, Angela Bassett, and Derek Jeter. The watches offered high customization options, and various celebrity clients, such as Leonardo DiCaprio, requested unique pieces.

In 2004, Arabo transitioned his business from the Diamond District in New York to a flagship boutique located at 57^th and Park Avenue. By 2007, he established Jacob & Co. SA in Geneva, Switzerland, unveiling his first high-watchmaking timepiece, the Quenttin, which boasted luxury features like the world’s first vertical tourbillon and a 31-day power reserve, marking it as the longest power reserve at that time.

In 2013, Arabo introduced the Epic SF24, a two-time zone watch that presents time in 24 global cities. Its design drew inspiration from the vintage split-flip boards seen at past airport and train terminals. This was the first application of such a system in a mechanical watch. That same year, the company presented the celestial-themed Astronomia Tourbillon at Baselworld 2013, an annual convention for luxury watch and jewelry. By 2016, 99 variations of the Astronomia Tourbillon had been developed. In 2019, Jacob was chosen to design the crown for the Miss World American 2019 pageant, creating an 18k white gold crown adorned with 164 carats of Colombian emeralds and 95 carats of diamonds, and he also served as a judge for the competition.

Personal Life

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

Legal Problems

Over the years, Arabo has faced some legal issues. In 2006, he was arrested on allegations of conspiring to launder around $270 million in drug profits linked to the Black Mafia Family, although the charges were later dropped. In June 2008, Arabo pleaded guilty to lesser charges of record falsification and providing false statements as part of a plea deal with federal prosecutors. As a consequence, he received a 2.5-year federal prison sentence along with 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 acquired a 3,500-square-foot condo on Park Avenue in NYC for $16.68 million.