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 is attributed to his role as the owner and founder of Jacob & Co., a prestigious maker of high-end watches and jewelry. His products are highly sought after by numerous hip-hop artists, athletes, and other prominent celebrities. Notable clients have included Floyd Mayweather, Sir Elton John, Bono, and David Beckham over the years.

In 2006, Jacob won the Travel and Leisure Design Award for his remarkable Five Time Zone “The World is Yours” Timepiece. His nickname “Jacob the Jeweler” gained popularity after he was 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 known as “Billionaire” to boxer Floyd Mayweather for an impressive $18 million, while a less extravagant version dubbed “Millionaire” is priced at $6 million.

Sadly, Jacob spent two and a half years incarcerated after pleading guilty to involvement in a money-laundering operation associated with the Detroit-based Black Mafia Family criminal syndicate. Charges included aiding the gang in laundering drug profits amounting to $270 million. Additionally, he acknowledged failing to report income to the IRS. As a consequence, Jacob was fined $50,000 and mandated to forfeit assets worth $2 million to the U.S. government. He began his prison term 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 of five siblings and the sole son. From an early age, he demonstrated a natural talent for artistry and craftsmanship. He grew intrigued by the elaborate designs of jewelry he encountered as a child, with his fascination for watches igniting at 13 when his father gifted him a world time watch.

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

Facing financial hardships, Arabo’s family sought better prospects, moving to the U.S. and eventually settling in Forest Hills, Queens, New York. Jacob attended Forest Hills High School, where his father juggled multiple jobs but struggled to support the family. This led Jacob to enroll in a six-month jewelry-making course, which he completed in just four months, ultimately leaving high school. He then secured a position at a local jewelry wholesale factory that produced market jewelry. This opportunity allowed him to refine his skills and deepen his appreciation for jewelry craftsmanship. By 17, he was designing his creations at night in his bedroom while working during the day at the factory.

Career

As Arabo honed his talent, more and more individuals became interested in the jewelry he crafted from his makeshift workshop during evenings. Specializing in gold jewelry, the defining moment in his career arrived when he established Jacob & Co. in 1986 at the age of 21. Driven by a vision to create unique and extravagant pieces, he quickly made a name for himself through his bold designs and exceptional craftsmanship.

His creations drew a notable celebrity clientele, with designs that embodied the spirit of extravagance. Particularly favored by the hip-hop and rap community in New York, he caught the eye of prominent rappers, including Notorious B.I.G., who famously dubbed Arabo “Jacob the Jeweler.” Biggie also familiarized him with other friends, such as Jay-Z, who would go on to purchase pieces from him.

In the 1990s, Arabo began collaborating with entertainers on custom designs. He was among the pioneers in crafting large diamond jewelry for men, setting a trend that continues to thrive. Notable clients from this period 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.

Arabo launched a quartz watch collection named Five Time Zone in 2002. The collection featured vibrant primary colors alongside technology accommodating multiple time zones, catering to both men and women. Celebrity wearers of these watches included Naomi Campbell, Bono, Angela Bassett, and Derek Jeter. Not only were the watches customizable, but some famous clients, like Leonardo DiCaprio, requested unique, one-of-a-kind pieces.

In 2004, Arabo relocated from the Diamond District in New York to a flagship boutique located at 57^th and Park Avenue. The year 2007 marked the founding of Jacob & Co. SA in Geneva, Switzerland, where he unveiled his initial high-watchmaking timepiece, the Quenttin. This exquisite watch was notable for including a vertical tourbillon and a 31-day power reserve, which at the time was recognized as the longest in the world.

In 2013, Arabo introduced the Epic SF24, a two-time zone watch capable of displaying time in 24 different cities across the globe. Its design took inspiration from the vintage split-flip board used at airport and train terminals. This innovation represented the first instance of such a mechanism being employed in a mechanical watch. That same year, the company showcased the celestial-themed Astronomia Tourbillon at Baselworld 2013, an influential annual convention for watches and jewelry. By 2016, an impressive 99 variations of the Astronomia Tourbillon had been created. In 2019, Jacob received the honor of designing the crown for the Miss World American 2019 pageant, crafting a stunning piece from 18k white gold adorned with 164 carats of Colombian emeralds and 95 carats of diamonds. He was also invited to serve as a judge for the event.

Personal Life

At the age of 24, Arabo wed his wife, Angela, who also shares Bukharian Jewish heritage. The couple has been blessed with three sons: David, Benjamin, and Joey. Currently, Benjamin collaborates with his father in the jewelry business. Jacob and Angela reside in a Colonial-style brick house in Forest Hills, Queens.

Legal Problems

Over the years, Arabo has faced some legal challenges. In 2006, he was arrested on allegations of conspiring to launder approximately $270 million in drug profits for the Black Mafia Family, though the charges were later dismissed. In June 2008, Arabo pleaded guilty to a lesser charge pertaining to falsifying records and providing false statements in connection with a deal he negotiated with federal prosecutors. He received a 2.5-year federal prison sentence, along with a $50,000 fine and an additional $2,000,000 forfeiture to the United States government, leading to his release in April 2010.

Real Estate

Jacob and Angela acquired a 3,500-square-foot condominium in NYC on Park Avenue for $16.68 million in March 2016.