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Chicago jeweler's snow bet backfires ... but he doesn't mind

Chicago Jeweler 'Delighted' About Losing $151K

Here's something you don't hear often: A Chicago jeweler lost a bet that cost him $151,000 -- and he's 'delighted' about it.

In an effort to get shoppers into his store, Rich Bennett promised anyone who bought jewelry at his shop between Black Friday and Christmas Eve a full refund - but only if it snowed at least three inches on New Years day.

... And it did.

It snowed 3.7 inches by noon in the windy city and it kept on coming -- but Bennett isn't being a sore loser.

In fact, he says he's completely fine with it! He and his wife are reportedly throwing a champagne party for his customers to celebrate.

'To do something like this for the people we have as customers, they're awesome and if we can give something back like this to them; it's so much fun for us.'

ABC News says a total of 224 people will be getting a refund, the most expensive being an opal diamond ring for $7,700. Not a bad way to start the year.

Join the discussion

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mennis0852 January 03 2014 at 8:54 AM

If you do not want to ever lose, then don't ever bet. If you do bet you should be just as happy when you lose as when you win.
In this case this is still a win for his company, since his customers that got refunds from his bet will remember his store the next time they want jewelry. Some might even purchase some more jewelry with the money he is refunding them. And he has just gotten National advertising for his store.

Flag Reply +4 rate up
daniel.baxter January 03 2014 at 11:14 AM

That is rare these days,, A Man,, who stands behind his word alone. My hats off to you Mr. Bennett and much respect.

Happy New Years,, and may you be as blessed ten fold.


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Kim January 03 2014 at 11:26 AM

Smart man-a winner either way-as he gets his name and the name of his store out to many more people than mere advertising.

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no1chef99david January 03 2014 at 6:19 PM

How outstanding! Sorry the merchant took a bath, but what a way to sohw your appreaciation to your customers not to mention the good will it shows to others and possible new customers!

Flag Reply +6 rate up
skanman205 January 03 2014 at 12:23 PM

nice story!

Flag Reply +5 rate up
rlmcanoe January 03 2014 at 12:24 PM

congrats to those who purchased something and are getting a refund, hopefully they will go back to the store that treated them so well.

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Richard January 03 2014 at 1:29 PM

I'd say that the odds were against him, given the fact that it's in Chicago! Now.....maybe here in Charlotte, it would be a safe bet.

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1 reply
Aissa2 Richard January 03 2014 at 3:12 PM

Yet, doubt in Charlotte there might be someone with his class to back up the bet by paying it! That is probably also a safe bet. North Carolina stiffs those on Unemployment, Elderly and Homeless so it is more likely also a safe bet, given the examples.

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w1ab January 03 2014 at 1:56 PM


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Ulrike Bauer January 03 2014 at 2:03 PM

Funny: A Jewlery bet to Politics......Now a bet is a bet whether you lose or win it's still a bet. He stood by it!

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Tom January 03 2014 at 6:47 PM

Nice. I wonder if he bought insurance to cover his losses, much like buying insurance for winning a car with a hole in one in golf.

Flag Reply +3 rate up
2 replies
jkdrouillard Tom January 03 2014 at 9:06 PM

He's not out much money, he bought insurance to cover his deal.

Flag Reply 0 rate up
1 reply
RD jkdrouillard January 03 2014 at 9:47 PM

Insurance does not cover what you GIVE away....duh

Flag 0 rate up
RD Tom January 03 2014 at 9:46 PM

He gets no insurance return

Flag Reply 0 rate up
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