AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
MajorsOct 27, 2017
Report: Scotiabank Looking to Get Out of Gold Business
The bank’s desire to exit reportedly comes in the aftermath of the gold smuggling scandal surrounding one of the refineries to which it lent money, Elemetal.
The Financial Times reported this week that Toronto-headquartered Scotiabank is looking to sell its gold banking arm, ScotiaMocatta, in the wake of the gold smuggling scandal surrounding one of its clients, Elemetal.
New York--Scotiabank has put its gold business up for sale in the wake of the gold smuggling scandal surrounding one of the refiners to which it lent money, Elemetal, The Financial Times reported this week.
Citing people familiar with the matter, the Times said that Scotia wants to sell ScotiaMocatta, one of the five banks active on the London market, to Chinese buyers via JP Morgan.
Scotiabank’s lending to Elemetal, the Dallas-based company caught up in a billion-dollar gold smuggling scandal through subsidiary NTR Metals, was the “straw that broke the camel’s back” for Scotiabank when it comes to the gold business, according to the Times report.
Scotiabank did not respond to request for comment on the report Thursday and neither did Trey Gum, the attorney for Elemetal.
The Elemetal/NTR Metals smuggling scandal first made headlines back in March when Bloomberg Businessweek published a story titled “How to Become an International Gold Smuggler,” recounting how a 23-year-old Chilean college dropout named Harold Vilches sold millions of dollars in gold from illegal mines to NTR Metals’ office in Miami.
Federal officials eventually charged three now-former NTR Metals employees in the case, Juan P. Granda (aka Flecha), Renato J. Rodriguez and Samer H. Barrage, who were based in Miami and in charge of finding and buying gold in Latin America and the Caribbean.
Citing people familiar with the matter, the Times said that Scotia wants to sell ScotiaMocatta, one of the five banks active on the London market, to Chinese buyers via JP Morgan.
Scotiabank’s lending to Elemetal, the Dallas-based company caught up in a billion-dollar gold smuggling scandal through subsidiary NTR Metals, was the “straw that broke the camel’s back” for Scotiabank when it comes to the gold business, according to the Times report.
Scotiabank did not respond to request for comment on the report Thursday and neither did Trey Gum, the attorney for Elemetal.
The Elemetal/NTR Metals smuggling scandal first made headlines back in March when Bloomberg Businessweek published a story titled “How to Become an International Gold Smuggler,” recounting how a 23-year-old Chilean college dropout named Harold Vilches sold millions of dollars in gold from illegal mines to NTR Metals’ office in Miami.
Federal officials eventually charged three now-former NTR Metals employees in the case, Juan P. Granda (aka Flecha), Renato J. Rodriguez and Samer H. Barrage, who were based in Miami and in charge of finding and buying gold in Latin America and the Caribbean.
Editors' Picks
Sponsored by
A criminal complaint filed against all three in March states that between 2012--when, according to an industry source, the falling gold price and subsequent slowdown in U.S. refining sent Elemetal in search of international business--and 2015, NTR imported more than $3.6 billion dollars in gold from Latin America. Much of it was illegally mined, meaning it originated from unauthorized sites that are environmentally harmful, dangerous for workers, rife with prostitution and child labor, and controlled by drug cartels.
And Granda, Rodriguez and Barrage allegedly were at the center of it.
According to the complaint against them, they wired huge amounts of money to Latin America to “promote further gold transactions and business they knew involved: organized crime, gold smuggling and entry of goods into the U.S. by false means and statements, illegal mining, and narcotics trafficking, all in the hopes of creating more profits for themselves and NTR.”
Last month, Barrage and Granda took a deal in which they pleaded guilty to one count of money laundering in a Florida federal court. They face up to 10 years in prison, as opposed to the 20 they originally faced.
Sentencing is set for Feb. 26, 2018, court records show.
More on Majors
The Latest
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
Weekly QuizJun 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
Policies & IssuesJun 17, 2026
Community for Ethical Jewelry Names New Executive DirectorMarianna Smirnova previously spent a decade working with the Responsible Minerals Initiative, in addition to other relevant roles.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
MajorsJun 16, 2026
5 Things to Know About the 2026 NBA Championship TrophyThe New York Knicks took home the Larry O'Brien Trophy crafted by Tiffany & Co.
TrendsJun 16, 2026
Post-Vegas Jewelry Trend Report: Big Beads, Western Flair, White MetalsAssociate Editor Natalie Francisco lists the trends she spotted during Jewelry Market Week that will dominate the second half of 2026.
SourcingJun 16, 2026
GemGuide Updates Ruby PricesIts app now reflects increased prices for Mozambique ruby, as well as changes to its Burma ruby charts.
MajorsJun 16, 2026
Sasha Primak Hires New Design DirectorThe manufacturer has tapped Alicia Arnold, the former director of custom design at Tiny Jewel Box.
IndependentsJun 15, 2026
DeBoulle Diamond & Jewelry to Renovate Dallas FlagshipThe revamped, elevated space will feature a two-story Patek Philippe atelier and a rooftop patio for parties.
WatchesJun 15, 2026
G-Shock, Coca-Cola Partner on Bottle-Inspired WatchThe special-edition piece marks the 140th anniversary of the iconic beverage brand.
TrendsJun 15, 2026
Amanda’s Style File: Tiny Charms Are TrendingHere are 13 small charms to inspire your layered looks this summer.
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
