A
racket involving the use of a
ring containing a
semi-precious stone, such as a
zircon, which resembles a
diamond or other
gem. The swindler places the ring where it may be conveniently discovered by a victim. As the
victim approaches the ring, the swindler with a show of feverish exitement
snatches it from under him. Then,
pretending to be
conscience-stricken, the
swindler grudgingly admits that the victim is entitled to a share of the
prize as
co-finder. Impressed by the
swindler's show of
honesty and
enthusiasm, the victim is easily
persuaded to buy out the swindler's
share,
paying several times the real worth of the
ring.
- american underworld dictionary - 1950