Seller of ‘world’s largest cut emerald’ arrested

The man claiming to have the world’s largest cut emerald has been arrested in Kelowna, B.C., in connection to allegations of multiple fraud offences that took place in Ontario.

Regan Reaney claims the massive green crystal, which he bought recently in India, is a 57,500-carat emerald worth at least $1.15 million. His massive gem was set to be auctioned off Saturday through Western Star Auctions in Kelowna. He hoped to earn seven-figures for it at the auction.

The auctioning off of Reaney’s gem went on as planned, but it didn’t sell, said Barb Johns of Western Star Auctions.

She declined to comment further on the matter.

Kelowna RCMP confirmed in a news release that they executed outstanding warrants for Reaney’s arrest. They said he’s accused of multiple fraud offences out of Hamilton, Ont.

Police in Kelowna became aware of his warrants through interaction with Reaney and made the arrest once Ontario agreed to return him to their jurisdiction, they said in the release.

Reaney had recently arrived in Kelowna. Police said more details about the arrest would be available on Monday.

Earlier this month Jeff Nechka, of Premier Gems in Calgary, appraised Reaney’s giant emerald. He said its value is in the size of it.

The opaque gem is only commercial quality but weighs 11.5 kilograms, he said.