fbpx

RON AND THE BUILT-IN JEWELRY SALES

Submitted by Glen Aaron on April 20, 2012

In my book, The Ronnie Lee and Jackie Bancroft Spencer Morgan Story, a tale of people, greed, envy, manipulation — even crime, I reveal how my client, Ron Morgan, had learned the jewelry business and what a “hip-pocketer” is.

By the time Ron had met and married Jackie Bancroft Spencer of Ruidoso, New Mexico, the Wall Street Journal heiress, he already had a lady in Midland who served as his hip-pocketer. In that trade, the jewelry business, a standard mark-up is a “keystone.” If Ron could buy it for a thousand, he would sell it for two thousand, or, if he had the piece on consignment, he would shoot for a triple key.

But by the time he and Jackie got together, he had a special hip-pocketer in his hometown of Midland, Texas, a lady who dealt in high-end jewelry pieces out of Neiman-Marcus. He would periodically give Jackie a gift, a pendant or some other jewelry piece, from the Midland jewelry source, that cost fifty- to a hundred-thousand dollars. The Midland connection would kick back half the profit to Ron, but, in the end, Jackie would have to pay for her own gift.

It was a strange arrangement and went on for the five years Ron and Jackie were married.

Welcome to Twogaa!

Where you can discuss sensitive subjects.

Help us continue our mission of embarking down the path of answering the sensitive questions and providing products that reflect this journey.

A simple $1 helps the cause at hand!

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

The writing of Glen Aaron Association will use the information you provide on this form to be in touch with you and to provide updates and marketing.