You’ve probably seen the commercials. If you live anywhere near Chattanooga, Tennessee, or have scrolled through local late-night TV channels over the last thirty years, the face of Rick Davis Gold and Diamonds is burned into your memory. Rick Davis—the man who styled himself as "Your Friend in the Jewelry Business"—has been a fixture on Brainerd Road since the late 1980s. But lately, things have gotten messy. Very messy.
Honestly, the shop was always a bit of a local enigma. It was part high-end jewelry store, part gold refinery, and part community stage for Rick’s unique brand of marketing. Then came April 2, 2025.
On that Wednesday morning, the FBI showed up. This wasn't just a routine check or a misunderstanding over a tax form. Federal agents and local police swarmed the 5301 Brainerd Road location, stretching yellow caution tape across the entrance while agents hauled out boxes and sifted through vehicles. At the same time, another team was at Rick’s home on Missionary Ridge. News cameras caught footage of Davis in his wheelchair, watching from his driveway as investigators went through his personal property.
What Really Happened With Rick Davis Gold and Diamonds?
The raid didn't come out of thin air. For years, the whisper network in Hamilton County had been buzzing with stories about "shady" deals and missing bullion. It’s one thing to have a few disgruntled customers on Yelp; it’s another thing entirely to have the Hamilton County Grand Jury hand down seven counts of theft against you.
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In October 2024, Richard Eugene “Rick” Davis was indicted for theft of property involving items valued between $10,000 and $60,000. Before that, in early 2024, he was arrested for passing worthless checks. The pattern was starting to look less like "oops, my bad" and more like a systemic collapse.
People were coming forward with the same story. They’d walk into Rick Davis Gold and Diamonds to buy gold or silver bullion as an investment. They’d hand over thousands of dollars in cash. Then? They’d wait. And wait. One Better Business Bureau complaint from July 2024 detailed a customer who had been waiting nearly two years for their full order. Rick was allegedly great at promising that the shipment would be in by "Christmas" or "Valentine’s Day," but the gold just never seemed to materialize.
The Legend vs. The Reality
To understand why this is such a big deal, you have to realize that Rick Davis wasn't just some guy in a suit. He was a local celebrity. He had his own TV show—America’s Jeweler—and even once floated the idea of opening a "Davisplex" megachurch with 20 gold-plated bathrooms. He was a character.
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But the business side was always murky.
- Some customers swore by him, claiming they did $50,000 deals with no issues.
- Others alleged he was the city's unofficial "fence," buying jewelry that may have been stolen and melting it down before it could be identified.
- There was even the dark cloud of the 1997 Goetcheus brothers murder case, a cold case that some locals have tried to link to Davis for decades, though he was never convicted.
Basically, the shop operated on a "cash is king" mentality. If you had a gold nugget money clip and a roll of hundreds, you were Rick's kind of person. But that "old school" way of doing business eventually collided with federal oversight.
The Fall of an Empire on Brainerd Road
The April 2025 raid was the tipping point. Seeing the FBI at a jewelry store is usually a sign that money laundering or interstate transportation of stolen goods is being looked at. While the FBI hasn't released the full details of their "court-authorized activity," the sheer scale—raiding the business and the home simultaneously—suggests they were looking for a paper trail that local police couldn't find.
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Neighbors and fellow business owners, like Mark Chitwood who worked next door for twenty years, weren't exactly shocked. Chitwood mentioned to local news that Rick’s deals were always "private." That’s a polite way of saying no one really knew where the money was coming from or where the gold was going.
The Better Business Bureau currently has Rick Davis Gold and Diamonds marked with a warning. They’ve received serious complaints that they are still evaluating. When a business that’s been around since 1978 suddenly can’t satisfy a $4,000 refund request, the writing is on the wall.
Why It Matters to You Right Now
If you have items currently at the shop for repair, or if you have an outstanding contract for bullion, you’re in a tough spot. The business has faced various closures and law enforcement blockades over the past year.
Here is what you need to do if you’re caught in the middle:
- Document Everything: If you have a receipt or a contract from Rick Davis, scan it. Keep the original in a safe place.
- File a Police Report: If you paid for gold or silver that was never delivered, don't just wait for a phone call that might never come. Contact the Chattanooga Police Department or the Hamilton County Sheriff’s Office.
- Check the BBB: Monitor the status of the business on the Better Business Bureau website to see if a receiver has been appointed or if there are instructions for claimants.
- Avoid New Transactions: Even if the doors are open, the level of legal scrutiny currently on the business makes any new investment extremely high-risk.
Rick Davis used to say he was "your friend in the jewelry business." But as 2026 rolls on, many of his former "friends" are finding out that friendship doesn't cover the cost of missing diamonds or undelivered gold. The story of Rick Davis Gold and Diamonds is a wild reminder that even the most visible local icons can have deep, complicated shadows.