DIAMONDS, EMERALDS WORTH $1M STOLEN FROM HONG KONG FAIR

Hong Kong Police have arrested two men suspected of stealing $1 million worth of jewelry on the opening day of the Hong Kong Jewellery and Gem Fair, Independent Online reported. The suspects allegedly replaced a seven-carat diamond valued at $450,000 with a fake stone, as well as reportedly stealing a $500,000 emerald necklace from another booth. In two other incidents, pearls worth $25,000 were stolen.   In other news from Asia's biggest gem and jewelry event, DiamondWorld.net reported that Tony's Auction World – diamond tradersbased in Hong Kong – will be auctioning off 100,000 carats of diamonds on September 17 in the ballroom of the Hong Kong Marriot, adjacent to the venue of the Jewellery and Gem Fair. Lots will be on display at Booth #5E 02-12 and #5F 01-11 through September 16. Meanwhile, KARP Jewellery is using the Hong Kong exhibition to launch four collections of high-end diamond jewelry. The FengHuang collection features a selection of natural fancy colored diamonds, while the Grandeur collection uses fine diamonds in classic designs. The Tria collection uses solitaire diamonds for its "Treasure. The Moment" theme, and the Karp cluster features fine diamonds set in a patent-pending cluster design. Karp hopes to put out additional registered diamond designs in the future.

Beijing mall: Stolen Tiffany diamond

BEIJING, China - Police with the Dongcheng branch of Beijing Municipal Public Security Bureau confirmed on Wednesday that they received a report of a diamond ring stolen last Friday from the Tiffany store at Beijing's Oriental Plaza.

"The case is under investigation," said Zi Xiangdong, who works with the publicity office at Beijing Municipal Public Security Bureau.

A three-carat diamond ring, stolen at 9 pm on Aug 27, was priced at 2.19 million yuan ($415,775), according to Beijing News.

Tiffany Diamonds

A cleaner who works in the area around the shop said she heard from fellow cleaners that a foreign man removed the diamond ring after his companion dropped her own ring under the counter to distract the attention of the saleswoman.

The saleswoman chased after them, but failed to retrieve the ring, said the cleaner, who refused to be named.

According to a leaflet from the local police, the suspect had previously visited the shop on a number of occasions before he stole the ring.

The outlet, which opens on East Chang'an Avenue, had four staff members on duty the night of the theft, Beijing News reported.

At least two shop assistants and internal security workers are present when customers look at expensive diamond rings at the neighboring jewelry store Moneta, according to an unnamed member of staff.

The Tiffany store is equipped with six security cameras and police are examining the footage.

In response to the theft, local police issued a notice reminding stores located in the Oriental Plaza to provide better security training for shop assistants, as well as to install emergency alarms.

Stores were further advised to hire security or male shop assistants.

A female employee at Tiffany & Co in Shanghai refused to talk about the case, but said they were cooperating with the police.

Tiffany & Co has two stores in Beijing. The other one is at The Peninsula Palace.

Tiffany & Co is preparing for global expansion and will at least double the 12 outlets it has in China, the Wall Street Journal quoted Tiffany's chief financial officer, James Fernandez, as saying in July.