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 renowned Bukharian-American jeweler. His wealth stems from being the founder and owner of Jacob & Co., a prestigious manufacturer of watches and jewelry. His products have gained immense popularity among hip-hop figures, sports stars, and other notable celebrities, including Floyd Mayweather, Sir Elton John, Bono, and David Beckham.

He received the 2006 Travel and Leisure Design Award for his exceptional Five Time Zone “The World is Yours” Timepiece. The nickname “Jacob the Jeweler” was popularized after he was referenced in rap lyrics by artists such as Jay-Z, Kanye West, 50 Cent, Big Sean, and Nas. Additionally, he sold an extravagant watch named “Billionaire” to Floyd Mayweather for a staggering $18 million, while offering a less extravagant model called “Millionaire” for $6 million.

Regrettably, Jacob served two and a half years in prison after admitting to involvement in a money-laundering operation linked to the Black Mafia Family criminal group in Detroit. He faced charges for aiding the gang in laundering $270 million in drug profits and acknowledged failing to report income to the IRS. Consequently, he was fined $50,000 and required to forfeit $2 million in assets to the U.S. government. Jacob began his prison sentence in 2008 and was released in April 2010.

Early Life

Born on December 26, 1965, Yakov Arabov, known as Jacob the Jeweler, hails from Tashkent, Uzbekistan. Being the youngest of five children and the sole son, he demonstrated a flair for artistry and craftsmanship early on. As a child, the intricate designs of jewelry captivated him, and it was when he turned 13, after his father gifted him a world time watch, that his passion for watches began.

At the age of 14, Jacob and his family relocated from Uzbekistan to the United States.

Confronted with financial struggles, Arabo’s family sought better prospects in the U.S. and settled in Forest Hills, Queens, New York. Jacob attended Forest Hills High School, while his father juggled multiple jobs to support the family. This challenging situation prompted Jacob to enroll in a six-month jewelry-making course, which he completed in just four months, leading him to leave high school. He then secured a position at a local jewelry wholesale factory that specialized in market jewelry, where he refined his craft and deepened his understanding of jewelry-making. By age 17, he was creating his own designs at night in his bedroom while working at the factory during the day.

Career

Recognizing his natural talent, more individuals began to take interest in the jewelry crafted in his evening workshop, where he focused primarily on gold pieces. The pivotal moment in Arabo’s professional journey occurred when he established his own jewelry brand, Jacob & Co., in 1986 at 21 years old. Driven by a vision to produce unique and extraordinary creations, he rapidly earned acclaim for his adventurous designs and superb craftsmanship.

His designs drew in a celebrity clientele while embodying the essence of luxury. Notably favored by the hip-hop and rap scene in New York, he caught the eye of rappers like Notorious B.I.G., who famously dubbed Arabo “Jacob the Jeweler.” Biggie also introduced him to other notable figures, such as Jay-Z, who became one of his customers.

In the 1990s, Arabo began collaborating with entertainers to create custom designs. He was among the pioneers who crafted large diamond jewelry pieces for men, establishing a trend that remains popular today. During this period, his clientele included iconic names 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 the Five Time Zone quartz watch collection, showcasing vibrant primary colors and advanced multiple time zone technology for both men and women. Celebrities like Naomi Campbell, Bono, Angela Bassett, and Derek Jeter were seen wearing these watches. The pieces were also highly customizable, leading some celebrity clients, including Leonardo DiCaprio, to commission unique designs.

In 2004, he relocated from New York’s Diamond District to a flagship store on Park Avenue at 57^th Street. Three years later, he established Jacob & Co. SA in Geneva, Switzerland, introducing the Quenttin, his first high-watchmaking creation. Among its many luxury features, it was the first timepiece to offer a vertical tourbillon and a remarkable 31-day power reserve, which at the time was recognized as the longest power reserve globally.

In 2013, he unveiled the Epic SF24, a watch featuring dual time zones that indicates the time across 24 different cities worldwide. The design was reminiscent of the split-flip boards used at airports and train stations in earlier eras, marking a first in mechanical watch technology. Additionally, that year saw the introduction of the celestial-themed Astronomia Tourbillon at Baselworld 2013, an annual exhibition for watches and jewelry. By 2016, there were 99 variations of the Astronomia Tourbillon. In 2019, Jacob was entrusted with designing the crown for the Miss World American 2019 pageant, creating a stunning piece of 18k white gold adorned with 164 carats of Colombian emeralds and 95 carats of diamonds. He also had the honor of serving as a judge for the event.

Personal Life

At the age of 24, Arabo wed his wife, Angela, who shares his Bukharian Jewish heritage. They are parents to three sons: David, Benjamin, and Joey. Benjamin now partners 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 challenges. In 2006, he was detained on allegations of conspiring to launder approximately $270 million in drug profits for the Black Mafia Family, but the charges were eventually dismissed. In June 2008, he pleaded guilty to a lesser charge involving falsified records and false statements, as part of a deal with federal prosecutors. The judge handed down a sentence of 2.5 years in federal prison, in addition to a $50,000 fine and a forfeiture of $2,000,000 to the US government. He completed his sentence and was released 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.