The underworld of thieves – this is how the stolen jewels from the Louvre will be sold
Updated 00.21 | Published 00.03
The clock is ticking after the theft at the Louvre.
An intense hunt is underway to find the jewels – before they are funneled into a secret black market.
– Everyone is talking about this, says Robert Wittman, former FBI art crime investigator, to the Wall Street Journal.
It was shortly after the opening of the world-famous Louvre museum in Paris that the gang of thieves struck.
They managed to get nine pieces of a jewelry collection worth around one billion kronor. On the way out, the thieves also lost Empress Eugenie's crown, which is said to have been damaged, according to the newspaper Le Parisien. The Apollo Gallery, where the thieves struck, houses some of the museum's most valuable historical collections.
The gang of thieves is still at large and an intensive hunt is now underway before the stolen goods are smuggled onto a global black market.
Secret network around the world
The police's great fear is that the historical treasures will be disassembled and sold in parts, writes the Wall Street Journal.
Robert Wittman, a former FBI art crime investigator, tells the newspaper that the entire industry is involved in the Louvre heist. Both other jewel thieves and private investigation firms whose business is to catch them.
According to the FBI, there is a secret global network that trades illegal objects such as stolen works of art and jewels for several billion dollars every year. It involves everything from shops in Dubai that cut diamonds to goldsmiths in New York, Antwerp and Tel Aviv. The operations extend all over the world.
The jewels could be melted down
The risk is that if the thieves cannot get a quick payment for the stolen goods, they will be smuggled to jewelers on the black market. There, the larger gems are reshaped into smaller pieces so that they cannot be traced and then resold.
The big difference between gems and stolen art is that the jewels can be broken out of necklaces, crowns and earrings. They can then be polished or even melted down and still retain much of their value, writes the Wall Street Journal.
Without the historical connections, some of the value disappears, but fine gems can still mean large sums of money.
The Notorious League
It is currently unclear whether the theft was carried out by an organized network.
According to the Wall Street Journal, one of the most notorious gangs that commit jewel thefts is the Balkan-linked Pink Panthers. The network is present across Europe and Asia and has been accused of several major theft heists. However, they rarely leave behind evidence, Robert Wittman tells the Wall Street Journal.
“The person who carried out this heist is fearless, but amateurish,” he tells the newspaper.
After the incident at the Louvre, several objects were left behind. The thieves are said to have been dressed as construction workers and left behind a yellow high-visibility vest.
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