It’s a Hoax! One of the Greatest Diamond Swindles of All Time – Right Here in Arizona

March 2, 2018 By swj-eric

Back to Blog

There’s a wide spot on the road near the junction of U.S. 160 and Arizona 118 called Diamond Fields. Did miners really discover diamonds there in the 1870s? Unfortunately, no. For those intrigued by the idea of digging up millions of dollars in diamonds, it didn’t look good.

But, there’s a great story about why it’s called the Diamond Fields, and it’s one of the most notable mining swindles of all time!

The Great Con

As the story goes, in 1872, a pair of crooked prospectors named Philip Arnold and John Slack walked into a bank in San Francisco with a bag full of fake diamonds. They conned a pack of investors into setting up a $10 million syndicate in what became known as the Great Diamond Hoax.

Fortunately, Arnold and Slack didn’t get away with millions of dollars, but they did high-tail it out of town with $155,000 before anyone caught on to their scheme.

At the same time, diamond fever was sweeping the West, and prospectors left no rock unturned as they hunted for Arnold and Slack’s spectacular windfall. One area of the search that drew the attention of prospectors was in far northeastern Arizona where, as it turns out, there were no diamonds, but the infamous Diamond Fields still exists today.

No Hoax, Just Integrity

Luckily, we’ve come a long way when it comes to identifying jewelry worthy of a big payout.

At Southwest Jewelry Buyers, we specialize in buying diamonds from .50 carats to 10+ carats, and we are experts in authenticity. And, unlike Arnold and Slack, we have a track record of only honest and ethical transactions, earning us our accreditation and A+ rating with the Better Business Bureau.

As the conmen of the infamous Diamond Fields illustrated, you can’t trust just anyone when it comes to your diamonds, but you can rely on the professionals at Southwest Jewelry Buyers to offer the best prices for your diamonds, gold, platinum, and silver jewelry, along with the highest ethical standards and confidentiality in the jewelry buying business.

Experts in the Real Diamond Field

Not all jewelry buyers are as expertly trained as we are (as you may have gathered from the Diamond Fields story). Everyone at Southwest Jewelry Buyers who inspects, grades, or prices your diamonds and precious metals has attended and passed rigorous classes and exams given by the Gemological Institute of America (GIA). Our appraisers and inspectors are proficient in the GIA Diamond Grading System – the industry standard for grading diamonds.

Why take chances with your precious gemstones visiting a buyer who doesn’t have a degree from the GIA, when you can be assured that all of us at Southwest Jewelry Buyers want to give you the best possible experience and prices for your jewelry? The only way we can offer that to every customer is by having the knowledge and certification to do so.

Don’t get swindled. Contact us for an appointment to have our professionals evaluate your diamonds and precious metals.