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cheap tiffany blue bridesmaid dresses MENU About The Company Bloomberg London Homepage Markets Stocks Currencies Commodities Rates + Bonds Economics Magazine Benchmark Watchlist Economic Calendar Tech U.S. Global Startups Bloomberg Technology TV Gadgets With Gurman Digital Defense Studio 1.0 Focus On: Infrastructure Pursuits Cars & Bikes Style & Grooming Spend Watches & Gadgets Food & Drinks Travel Real Estate Art & Design Brilliant Ideas Politics Global Risk Briefing How We’ll Know if Trump Is Making America Great Again Tracking Trump’s Web of Conflicts GOP’s Health Plan: Tracking Key Changes One Amendment at a Time Kim Jong Un’s Big Nuclear Push Is Closing In on America Opinion View Gadfly Businessweek Latest Issue Debrief Podcast Subscribe More Climate Changed Video Series: Ventures Graphics Billionaires Game Plan Small Business Personal Finance Inspire GO The David Rubenstein Show Sponsored Content Sign In Sign In Subscribe How a Tiffany's Employee Stole $1.3 Million in Jewelry How an executive almost got away with more than a million in precious gems Eric Spitznagel A model shows off a diamond ring and bracelet as she stands outside the entrance to the Wall Street store of Tiffany & Co. Photograph by Timothy A. Clary/AFP via Getty Images

An executive at Tiffany & Co.  allegedly stole $1.3 million worth of jewelry from the company. How did she do it?

Very slowly, it seems. Ingrid Lederhaas-Okun, 46, worked as the vice president of product development at the jeweler’s Midtown Manhattan headquarters from January 2011 to February of this year, when her position was terminated due to downsizing. The F.B.I. claims that between November 2012 and her dismissal, 165 pieces of jewelry went poof, including “diamond bracelets, platinum, or gold diamond drop and hoop earrings, platinum diamond rings, and platinum and diamond pendants.” Lederhaas-Okun, authorities say, would check out the jewelry for professional reasons—marketing purposes, showing potential buyers, and so forth—and then not return them.

“She was careful to only keep items that were valued at under $10,000,” says Scott Selby, the co-author of Flawless: Inside the Largest Diamond Heist in History . “Tiffany’s has a policy of only investigating missing inventory that’s valued over $25,000. That’s what enabled her to do this; it was slow and systematic.” Lederhaas-Okun has since been charged by the F.B.I. with wire fraud and interstate transportation of stolen property and she faces up to 30 years in prison if convicted. Carson Glover, a spokesperson for Tiffany’s, says the company is “not in a position to comment at this time.”

What did she do with her millions in stolen Tiffany’s jewelry?

The details are still coming together, but according to the Feds, she sold the merchandize to an unnamed “leading international buyer and reseller of jewelry with an office in midtown Manhattan.” Ice-T (né Tracy Marrow), the longtime rapper, actor, and former professional jewel thief, suspects that Lederhaas-Okun may have had a buyer in advance. “When you steal things in that kind of quantity, that’s what we call consignment theft,” he says. “You don’t just put it on the fence and hope somebody picks it up. Everything is bought and paid for long before you steal it.”

Selby thinks the arrangement may have been less nefarious. Manhattan, he says, is filled with “pawn shops for rich people,” auction houses like Christie’s or Sotheby’s. “If you show up at Christie’s with a Grecian vase worth two million dollars, and you’re in a nice suit and you give them an address that’s in a nice neighborhood in Connecticut, they won’t ask any questions—or at the most, perfunctory questions,” says Selby. Neither Christie’s nor Sotheby’s responded to requests for comment.

How did Lederhaas-Okun finally get caught?

Tiffany’s discovered that the jewelry was missing when it conducted a company-wide inventory review, and e-mails between Lederhaas-Okun and the unnamed jewelry reseller were found on her computer. At first, Lederhaas-Okun claimed all jewelry had been checked out for a PowerPoint presentation for her supervisor. (The supervisor denied this.) Lederhaas-Okun later said that the missing jewels could be found, according to the Feds, “in a white envelope in her office.” Searches turned up nothing.

Chris E. McGoey, a Los Angeles-based security advisor, believes that other employees at Tiffany’s may have had suspicions long before the investigation, but were afraid to speak up. “I guarantee you that a company like Tiffany’s has checks and balances,” he says. “But it didn’t apply to [Lederhaas-Okun.] People reported to her, and they had to relinquish their inventory to her, based on her say-so.” Even if they had concerns about why the jewelry she was checking out wasn’t being returned, he says, they might’ve been reluctant to raise any red flags. “Nobody wants to rat out their boss,” he says.

There seems to be a spate of jewelry thefts of late. Is this part of a larger trend?

Actually, yes. The first big jewelry theft of this year occurred at the Cannes Film Festival in May, when $1.4 million worth of jewelry was taken from the hotel room of an employee of Chopard, the Swiss jeweler. (The thieves apparently walked off with an entire safe.) The second robbery occurred a week later at another hotel, during a star-studded party to celebrate the 20th anniversary of Swiss luxury jeweler De Grisogono. There, despite 80 security guards at the event, thieves walked off with a diamond necklace worth $2.6 million. The jewelry in both cases remains missing, and there are currently no suspects.

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Selby, who’s written extensively about the famous $50 million Antwerp Diamond Heist of 2003 (regarded as the largest diamond heist ever), thinks most of the clues point to an inside job. “How did the thieves know the jewelry exec would store her jewels in the room safe?” he asks. “How did they get in and out of the room without the magnetic lock recording them? An insider, especially one high up in the company, had the most opportunity to do something like this and get away with it.”
Illustration by Dan Woodger What can a thief possibly do with highly-publicized jewelry?

There are many options besides Manhattan auction houses. According to Selby, they could have melted down the precious metals, or removed the diamonds from their settings and sold them loose. “Or they could put them away for a while,” he says. “Wait for the heat to die down, and then try selling them quietly someplace like Dubai or Hong Kong.” Neither Chopard nor De Grisogono seem particularly worried about the stolen property. De Grisogono’s founder and creative designer Fawaz Gurosi said in a statement, “These incidents are rare; it is actually the first time it has happened in our 20-year history.” Caroline Scheufele, Chopard’s co-president, told a reporter at the time, “We have plenty of insurance. It’s great publicity. It’s no big deal.”

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