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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.