Lindsay Lohan : Bad Jewelry = Good Defense to Felony

Lindsay Lohan's bad taste in jewelry c ould be the key to her denfense , because according to TMZ's research , the necklace in question may not have enough value to constitute felony grand theft.

In order to charge a defendant with a felony  , the item in question must have a fair market value of more than $950.

Kamofie & Company was selling the necklace for $2,500 . But TMZ checked with three prominent jewelers in L.A. and they claim the price tag is grossly infated.

The jewelers asked not to identify their stores by name , but here's their assessment of the item . TMZ gave them information from the necklace designer , who told TMZ it was comprised of 8.84 carats of natural , untreated  yellow diamonds .

-- A Santa Monica jeweler   said the necklace is  "a dime a dozen" and he wouldn't think of selling it for more than $1,000 .

--A downtown L.A. jewelry says if the item is retailing for $2,500 , it means "the stone is cheap," adding , "it's most likely an industrial-type diamond ,  not gem quanity ." He says the necklace is worth no more than $900.

--A San  Fernando Valley jeweler says , "I don't believe this necklace  has 8 carats of diamonds . It's so thin ." She says the chain would sell in the jewelry district of downtown L.A. for $800 tops -- and probaby less.

Under California law , if the necklace is worth $950 or less , Lindsay could be charged with petty theft , a  misdemeanor.  The maximun penalty is 6 months in L.A. county jail -- with jail overcrowding she's looking at a short stint.

If Lindsay's lawyer , Shawn Chapman Holly can convince the judge that the necklace  is cheap . Lindsay could dodge the biggest bullet yet.

Stay tuned... the saga of the necklace continues ... updates as they become available.