Ng Yu Zhi, a businessman in Singapore, is currently on trial for allegedly orchestrating a $1.46 billion nickel trading scam. Prosecutors claim that his companies, Envy Asset Management and Envy Global Trading, misled investors with false promises of profits from physical nickel trading. Instead, earlier investors were paid with funds from newer investors, while Ng allegedly misappropriated large sums to finance an extravagant lifestyle.
The charges against Ng include cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust, totalling 42 counts. An additional 66 charges are temporarily stood down.
High-Value Jewellery Purchases
Ng reportedly spent $18.3 million on high-end jewellery and watches, with some of the most notable acquisitions including:
- Bulgari: Two necklaces, two rings, and a watch costing $4.4 million.
- Chopard: A diamond ring valued at $3.5 million.
- Graff Diamonds: A $2.5 million promise ring.
- Audemars Piguet: A diamond-encrusted Royal Oak watch for $221,600.
- Harry Winston and Fred: Ruby and diamond necklaces purchased for 712,500 Swiss francs (approximately $1.08 million).
These acquisitions illustrate how jewellery is often purchased as a luxury item and a high-value asset.
Implications for the Jewellery Industry
Ng’s case highlights the ongoing demand for high-value jewellery in affluent markets and the importance of transparency in transactions. For jewellers catering to high-net-worth clients, rigorous know-your-customer (KYC) practices are critical to maintaining compliance with regulations and mitigating potential reputational risks.
