Rare jeweller endangered

Not even diamonds as big as the Ritz can save Ralph Esmerian from the jaws of Wall Street now. A fourth generation rare jewels dealer whose Armenian family fled from Paris in 1940, Esmerian enjoyed a life of wealth, taste and art collecting in the old money enclave of Manhattan's Upper East Side.

That all ended when he ventured into the brash new world of 21st century finance and Hollywood glamour. First, he borrowed $57m from Merrill Lynch for what he describes as "estate planning purposes". As collateral, he pledged his 'Special Collection'.

This is not any old second-hand jewellery, but rather pieces for the connoisseur, stuff you might find in the treasure chests at the