In May 2012, Howard Ratner runs the KMH jewelry store in New York City's Diamond District. Although Howard has a well-paying job, his habits are even more expensive. He has a gambling addiction, a fancy house on Long Island for his wife Dinah, a pied-à-terre apartment in Manhattan for his mistress Julia, and a swimming pool that needs resurfacing. Dinah is fed up with his antics and plans to divorce him after Passover.
Howard has borrowed $100,000 from his brother-in-law Arno, a loan shark, which he has used to purchase and smuggle a 600-carat black opal from Ethiopia's Welo mine. Arno sends two hired goons, Phil and Nico, to accost Howard at his shop over the money owed to him. Howard attempts to extend Arno's deadline to Monday, when the opal is set for auction, as Howard believes it can be sold for as high as $1 million.
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