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

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