LOS ANGELES (KABC) — Millions of dollars worth of jewelry, gems, high-end watches and other valuables were stolen from an armored truck in Southern California.
The Brink’s armored vehicle was headed to a jewelry show in Pasadena early on the morning of July 11 when it was robbed near the mountain community of Frazier Park.
The vehicle stopped at a rest stop and was wrecked, the Los Angeles County Sheriff’s Department told ABC News. The driver and crew of the vehicle are cooperating with investigators.
It had been loaded the day before after an exhibition near San Francisco. The FBI’s Lancaster office is working with the LASD to investigate.
“This is such a tragic situation,” said Arnold Duke, president of the International Gem and Jewelry Show.
Multiple exhibitors, some based in downtown Los Angeles, had merchandise in the truck and many lost their life savings. Insurance is expected to cover only a portion of their losses.
There is conflicting information regarding the value of the item. Brink’s says the items were valued at less than $10 million. But exhibitors say the value is actually between $100 million and $150 million.
The discrepancy is apparently the result of common industry practice.
“They’re underinsuring themselves,” Duke said. “Because additional insurance is very, very expensive. And because everyone trusts Brink’s a million percent. And they never lost anything from us. After all these years, people just feel very, very comfortable.”
Duke said the items stolen included gold jewelry, thousands of diamonds, about 100 Rolex and Cartier watches and rare gems. Some of the items, such as watches and diamonds, have engraved serial numbers and can be tracked.
The traveling show takes place every week in different locations around the country. The Brink’s truck was headed to the Pasadena Convention Center for the July 15-17 show.
Brink’s issued a statement that read in part: “According to the information customers provided to us prior to shipping their items, the total value of the missing items is less than $10 million. We are working with law enforcement and will fully reimburse our customers for the value of their assets that were stolen in accordance with the terms of our contract.”
Law enforcement experts say a robbery of this magnitude is rare.
“For a robbery like this to happen with that amount of money, probably over $150 million in losses, is just unbelievable,” said law enforcement expert Bruce Thomas.
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