A million-dollar gamble on Royal Lavulite, 1982

A few years back, Arizona jewellery designers Randy and Janie Polk were struggling to make ends meet. Randy traded gemstones with fellow hustlers in smoky hotel rooms. He liked the bright stuff, the 'gumdrop colours', he tells Anthea Disney for the Observer Magazine of 6 June 1982.
When 'some young hustlers brought him a bag full of purple rock' from South Africa, Randy 'didn't know what it was. I just thought it was pretty, like grape juice,' he reminisces. 'Everything I made in purple or lavender sold quickly, so I was interested.'
And on edge. His four-year-old daughter had been critically injured in a car accident and he was struggling to pay mounting hospital and care-home bills. As he cut and polished the purple rock, he dared to dream: 'It had all the qualities we look for in a gem: beauty, durability and rarity.'
Randy followed his hunch and sold everything, including his wife's engagement ring, their stereo and his gun collection, to pay for a ticket to the manganese ore mine in South Africa. The miners, writes Disney, 'had 'liberated' the coloured rock… by taking it out in their lunch boxes.' Randy went one better: he emptied his suitcases, filling them with what would turn out to be '$20-$30m worth of gem-grade stones'.
Back home, he set the price for a mineral he'd by now named Royal Lavulite. 'I was taking the biggest gamble of my life.'
It paid off. The mineral, a rare strain of sugilite and 'a freak of nature to be found only in one mine in South Africa', was classified as a rare gem in 1980. Randie had cornered half the world's supply, with an estimated value of more than $50m before the gem peaked.
'He is rapturous about his newfound prosperity,' says Disney. And yet. His daughter died last year. Their 10-year-old son misses his sister. 'I've learned that fairytales do not come true,' reflects Randy. 'Sometimes I think I've lost more than I've acquired… Maybe there's no such thing as a happy ending.'

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Daily Mirror

4 days ago

• Daily Mirror

Lloyds, Halifax and Bank of Scotland confirm major change for customers

All new Lloyds, Halifax and Bank of Scotland customers will be given a 29.9% representative rate for their overdraft going forward - here are how the changes impact you Lloyds, Halifax and Bank of Scotland are changing overdraft fees for millions of customers - and it may save you money. The banking group currently offers different overdraft rates, dependent on your credit score. The different rates you can currently be offered include: 19.9%, 29.9%, 39.9% and 49.9%. The majority of customers have an overdraft rate of 39.9%. ‌ But changes being introduced over the next few days mean all new customers will be given a 29.9% representative rate for their overdraft. ‌ At the same time, existing customers currently paying 39.9% or 49.9% on their overdrafts will have their rate reduced to 29.9%. Lloyds will contact customers to explain the change. An overdraft allows you to borrow money through your bank via your current account, when your account balance is zero or negative. But it can be an expensive way to borrow money - check out our tips below for how to cut your costs. A Lloyds Bank spokesperson told The Sun: "We know many customers find it helpful to have an overdraft there for life's unexpected costs and, to make that as affordable for our customers as possible, we're lowering the interest rate most customers typically pay when they use an overdraft. "This means the cost of using an overdraft will become cheaper for many, with Lloyds, Halifax and Bank of Scotland now offering one of the lowest representative overdraft rates on the market." It comes after Lloyds increased the fee on its Club Lloyds package bank account from £3 to £5 a month. The monthly fee is still waived if you pay in £2,000 or more each month. ‌ Club Lloyds is a current account that gives you additional perks for a monthly fee - for example, you can choose between a Disney+ subscription, six cinema tickets, a magazine subscription, or 25% off certain food and drink brands. How to cut your overdraft costs If you're struggling with your overdraft, check if you're able to switch to an account with a 0% overdraft, so you have more time to clear what you owe without being charged interest. Make sure you check if you're likely to be eligible first before you apply. Another alternative could be to look at a 0% money transfer card. These are a special type credit card that pays cash into your bank account, for a one-off fee. You would then use this money to pay off your overdraft, so you're not accruing more interest in overdraft fees. You should always make sure you can pay off your 0% money transfer card before your interest-free period is up - otherwise you'll start to be charged interest, which defeats the point of using this card.

Telegraph

5 days ago

• Telegraph

Netflix to start streaming live TV for the first time

Netflix is to start broadcasting live TV for the first time as it continues to steal audiences from traditional channels. The company has unveiled a 'new kind of partnership' with French broadcaster TF1 that will allow subscribers in the country to watch live TV, including top dramas, soaps and major sports matches. The deal with France's largest commercial broadcaster underscores efforts by Netflix to keep subscribers on its platform and cement its position as the home of content. It could pave the way for similar tie-ups elsewhere, including Britain, as the industry grapples with a shift to online viewing. The BBC, ITV and Channel 4 are all struggling to retain audiences amid growing competition from rivals such as Netflix and Disney. While the streaming giants initially shunned live programming, they have gradually moved into the format by buying up the rights to major sporting and entertainment events, such as Netflix's $5bn WWE deal. However, Netflix's tie-up with TF1 marks the first time a streaming service has carried live channels in full. Fight-back It marks a shift in approach from a legacy broadcaster too. Most have tried to compete, rather than partner, with streaming giants by building their own platforms. ITV, Channel 4 and Sky this week announced plans to combine their online advertising spots in an attempt to fight back in an increasingly competitive market. Greg Peters, co-chief executive of Netflix, said: 'This is a first-of-its-kind partnership that plays to our strengths of giving audiences the best entertainment alongside the best discovery experience. 'By teaming up with France's leading broadcaster we will provide French consumers with even more reasons to come to Netflix every day and to stay with us for all their entertainment.' For TF1, which is behind scripted dramas such as Brocéliande and Erica, as well as the French version of reality show The Voice, the deal signals efforts to collaborate with streaming rivals in a bid to win back viewers and generate more revenues. Netflix subscribers will have access to all five of TF1's free-to-air channels, as well as more than 30,000 hours of on-demand programming on its TF1+ streaming service. However, it also risks leaving the broadcaster, which reaches 58m monthly viewers on its broadcast channels, increasingly reliant on its streaming rival. Terms of the partnership, which will begin next summer, were not disclosed. Rodolphe Belmer, chief executive of TF1 Group, said: 'I am delighted about this new partnership with Netflix, with whom we have already established strong relationships through ambitious co-productions in recent months. 'As viewing habits shift toward on-demand consumption and audience fragmentation increases, this unprecedented alliance will enable our premium content to reach unparalleled audiences and unlock new reach for advertisers within an ecosystem that perfectly complements our TF1+ platform.'

Daily Record

16-06-2025

• Daily Record

Cheap Fire TV Stick hack that allows users to access Sky channels legally

Fire TV Stick users will be able to watch top Sky channels without having to pay for a full TV package. Many people love the Fire TV Stick as it is a compact and affordable way for users to watch all their favourite shows from a variety of streaming services. While it is well known that this device allows users to access apps such as Disney+, Prime Video and Netflix - just to name a few - users can now boost their viewing experience. For those who enjoy their Sky channels but don't want to pay for a full TV package - with the cheapest currently costing £15 per month - Amazon has just announced that they have launched a new deal that allows users to access a variety of Sky services for a cheaper price. All Fire TV Stick users need to do is launch the Sky's NOW app on their device and sign up. For only £6.99 per month, users will have full access to channels such as Sky Atlantic, Sky Documentaries, Sky Crime, Sky Max and Sky Comedy, reports the Express. This NOW Entertainment deal is currently going for a reduced price as it usually retails for £9.99 per month. While saving shoppers £3 a month - and around £8 in comparison to Sky's cheapest TV deal - users will have access to the reduced membership price for six months and have the option to cancel at any time. However, while this deal looks enticing, it should be noted that there are a couple of catches. One of which is that you will need to be a member of NOW. On top of this, Fire TV Stick users will need to be quick to snap up the reduced price as it is set to end on June 20, meaning the price will shoot back up at the end of this week. Amazon confirmed: "You pay £6.99 a month for 6 months of Entertainment Membership instead of the usual selling price of £9.99 a month." The added bonus of this deal is that it is a completely legal way to pay and watch Sky content. For those who are enticed by this cracking Sky deal or are looking to upgrade their old Fire TV Stick for a newer model, Amazon is currently selling the Fire TV Stick 4K for £59.99. This is the most popular device in the range, with nearly 19,000 ratings, as it delivers vibrant 4K Ultra HD streaming with support from Dolby Vision and Atmos audio. Alternatively, for those looking for something on the cheaper side, Amazon is also selling the Fire TV Stick HD for £39.99. While the resolution is slightly lower at Full HD, this device still provides users with access to all their favourite streaming services, as well as live TV, through an Alexa Voice remote. The limited-time Sky offering on Fire TV Sticks means users can watch the latest shows without putting their personal data at risk by using 'dodgy streams'. It isn't a secret that millions of people do try and bypass membership prices to watch their favourite shows and services. For example, some people are buying Fire TV Sticks that feature pre-loaded apps that are said to allow their users full access to a variety of channels without having to spend money monthly on official contracts. While it may be an enticing idea, it is highly illegal and comes with the tidal wave of other issues. These devices can put your home at risk of downloading dangerous malware, as well as showing inappropriate content that hasn't been blocked by parental controls. FACT CEO Kieron Sharp said: "We strongly advise anyone involved in these activities to stop immediately. If you're supplying or using illicit streaming devices or illegal IPTV subscriptions, take this as a clear warning: you are breaking the law and risk facing serious consequences." According to National Trading Standards, at the beginning of the year a man from Halifax was sentenced to two years in prison after he was caught selling modified Fire TV Sticks that infringed on copyright laws. While users who want to access Amazon's latest deal will need to pay a monthly fee, this extra couple of pounds out of your account each month will mean you will be able to boost your viewing experience in a safe way that is still cheaper than Sky's current deals. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'.