CrimeJun 30, 2022
What JSA’s Annual Report Tells Us About Jewelry Crime in 2021TechnologyJul 12, 2022
Graff’s Ransomware Payment Not an Unusual Move, Expert Says
The high-end jeweler reportedly paid a $7.5 million ransom to a group of hackers and is suing its insurance company to cover the loss.
London—Graff Diamonds reportedly paid a $7.5 million ransom in Bitcoin to the hackers responsible for a ransomware attack on its systems last fall, a decision that is not unusual for large companies today, one expert says.
Ransomware is malware that uses encryption to hold a victim’s system or personal data hostage, basically, and demands payment to get them back.
Following the attack on Graff, Conti, the group that took credit for it, leaked data about the brand’s clients, such as their names and, potentially, their home addresses.
Graff counts many high-end clients and celebrities as customers, and the data breach included leaked data about the royal families in Saudi Arabia, the United Arab Emirates, and Qatar, prompting Conti to issue an apology to the families involved, an unusual move for the group.
Conti threatened to leak more of Graff’s data if the ransom wasn’t paid.
Though it tried to avoid paying, the high-end jeweler eventually offered $7.5 million, half the original ransom amount, and Conti accepted, according to Bloomberg, which broke the story. The jeweler paid in Bitcoin.
Graff is also suing its insurance company, The Travelers Companies Inc., in a London court for the losses, arguing that its policy should cover the ransom payment.
“The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment that successfully neutralized that threat,” a Graff spokesperson told National Jeweler.
“Regrettably, these commercial decisions are all too common these days. Insurers know this, which is why we are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court.”
The Travelers Companies did not respond to a request for comment by press time.
Related stories will be right here …
Ransomware is malware that uses encryption to hold a victim’s system or personal data hostage, basically, and demands payment to get them back.
Following the attack on Graff, Conti, the group that took credit for it, leaked data about the brand’s clients, such as their names and, potentially, their home addresses.
Graff counts many high-end clients and celebrities as customers, and the data breach included leaked data about the royal families in Saudi Arabia, the United Arab Emirates, and Qatar, prompting Conti to issue an apology to the families involved, an unusual move for the group.
Conti threatened to leak more of Graff’s data if the ransom wasn’t paid.
Though it tried to avoid paying, the high-end jeweler eventually offered $7.5 million, half the original ransom amount, and Conti accepted, according to Bloomberg, which broke the story. The jeweler paid in Bitcoin.
Graff is also suing its insurance company, The Travelers Companies Inc., in a London court for the losses, arguing that its policy should cover the ransom payment.
“The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment that successfully neutralized that threat,” a Graff spokesperson told National Jeweler.
“Regrettably, these commercial decisions are all too common these days. Insurers know this, which is why we are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court.”
The Travelers Companies did not respond to a request for comment by press time.
Shayne Caffrey, marketing manager and cybersecurity awareness training lead for LeeShanok Network Solutions, echoed what Graff Diamonds said it its statement—ransom payouts like this are fairly common today.
“Deciding whether to pay the ransom is a cost/benefit analysis. It can make a lot of sense to pay up when you can’t safely restore from a backup,” he said in an email to National Jeweler.
Once a business does decide to pay, it becomes a negotiation, going back and forth on price like in any deal until it becomes worth it for both sides.
“In this case, the initial $15 million demand may not have been worth it, but $7.5 million was,” Caffrey said. “Hackers would rather get something than nothing. This calculated approach means ransoms get paid more often than any of us would like.”
He also noted there’s rarely a guarantee that hackers will unencrypt the data even once the ransom is paid.
Caffey offered businesses two recommendations to reduce the chances of becoming a victim of cybercrime.
The first is to require every employee to undergo cybersecurity awareness training annually, with a particular focus on phishing prevention.
According to IBM, 95 percent of breaches result from human error, and the only way to fix that is through education, he noted.
But rather than using the common online training modules, Caffrey suggested bringing in a cybersecurity expert to deliver a live training, either in-person or virtually.
“In my experience, those trainings are much stickier.”
The second tip is to create a strong Backup and Disaster Recovery (BCDR) Strategy.
“Implementing these strategies can seem expensive on the surface, but they are often a fraction of the cost of paying a ransom, or even paying increased insurance premiums after a breach,” Caffrey said.
“Plus, it feels a lot better to restore your environment to a pre-ransomware instance than to reward the hackers by paying a ransom.”
More tips businesses can use to protect themselves from the Jewelers Security Alliance can be found in National Jeweler’s original story reporting on the Graff attack.
More on Technology
The Latest
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
