Jennifer Lopez is keeping $50,000 worth of diamond jewelry originally loaned to her in exchange for attending the launch of a fashion event.

Jacob Arabov, aka "Jacob The Jeweler," was sentenced to 30 months in prison for falsifying records and giving false statements to federal investigators. Arabov, sometimes called the "King of Bling," became well-known for customizing jewelry for high-profile clients like Kanye West, Diddy and Jay-Z.

Wisin y Yandel have announced they will launch a signature line of watches called Ice-Tek.

Say "Will you marry me?" and "Here's that file you need" at the same time with a USB engagement ring. (via Neatorama)