CrimeJul 30, 2024
Florida Man Charged with Selling Fake Native American JewelryLab-GrownJul 31, 2024
NYC Diamond Dealer Accused of Lab-Grown Diamond Swaps
Manashe Sezanayev faces felony charges of fraud and grand larceny for allegedly replacing three natural diamonds with lab-grown ones.
Manashe “Mike” Sezanayev, who operates a diamond business on 47th Street in New York City’s Diamond District, is accused of stealing $460,000 worth of natural diamonds by swapping them out for significantly less valuable lab-grown stones.
New York—A 47th Street diamond dealer faces charges of larceny and fraud for allegedly swapping out natural diamonds for lab-grown ones, the Manhattan District Attorney’s office announced late last week.
Manhattan DA Alvin Bragg Jr. said 41-year-old Manashe Sezanayev of Queens, New York, was indicted in New York State Supreme Court on two counts of second-degree grand larceny, one count of first-degree scheme to defraud—both felonies—as well as three counts of third-degree criminal possession of a forged instrument, a misdemeanor.
Sezanayev, better known as “Mike,” operates Rachel’s Diamonds (a.k.a. Rachel’s Lab Grown Diamonds) on Manhattan’s 47th Street.
According to court documents and statements made on the record in court, on Feb. 5, a diamond merchant came to Sezanayev’s office with two natural diamonds Sezanayev claimed to be interested in buying.
The stones were valued at approximately $185,000 and $75,000.
When Sezanayev turned his back to the dealer to weigh the stones on the scale, he allegedly swapped them out for two lab-grown diamonds that had been recut to mimic the natural diamonds’ weight and quality.
The lab-grown diamonds, which are worth significantly less than their natural counterparts, also had been fraudulently inscribed with report numbers for natural diamonds graded by the Gemological Institute of America.
Sezanayev allegedly pulled off another switch the following month, according to court records.
On March 27, Sezanayev told another diamond merchant that he had a customer interested in purchasing a diamond valued at about $200,000.
Sezanayev then allegedly purchased a lab-grown diamond that was recut to mimic the $200,000 natural diamond and inscribed with a fraudulent GIA report number.
The following week, on April 2, the merchant met with Sezanayev and his purported customer and Sezanayev examined the diamond.
It was only later that the merchant learned that the diamond Sezanayev returned to him was a lab- grown stone, according to court records.
Sezanayev has pleaded not guilty in the case and his attorney, Queens-based Boris Nektalov, told National Jeweler on Tuesday that his client is “awaiting his day in court.”
Related stories will be right here …
Manhattan DA Alvin Bragg Jr. said 41-year-old Manashe Sezanayev of Queens, New York, was indicted in New York State Supreme Court on two counts of second-degree grand larceny, one count of first-degree scheme to defraud—both felonies—as well as three counts of third-degree criminal possession of a forged instrument, a misdemeanor.
Sezanayev, better known as “Mike,” operates Rachel’s Diamonds (a.k.a. Rachel’s Lab Grown Diamonds) on Manhattan’s 47th Street.
According to court documents and statements made on the record in court, on Feb. 5, a diamond merchant came to Sezanayev’s office with two natural diamonds Sezanayev claimed to be interested in buying.
The stones were valued at approximately $185,000 and $75,000.
When Sezanayev turned his back to the dealer to weigh the stones on the scale, he allegedly swapped them out for two lab-grown diamonds that had been recut to mimic the natural diamonds’ weight and quality.
The lab-grown diamonds, which are worth significantly less than their natural counterparts, also had been fraudulently inscribed with report numbers for natural diamonds graded by the Gemological Institute of America.
Sezanayev allegedly pulled off another switch the following month, according to court records.
On March 27, Sezanayev told another diamond merchant that he had a customer interested in purchasing a diamond valued at about $200,000.
Sezanayev then allegedly purchased a lab-grown diamond that was recut to mimic the $200,000 natural diamond and inscribed with a fraudulent GIA report number.
The following week, on April 2, the merchant met with Sezanayev and his purported customer and Sezanayev examined the diamond.
It was only later that the merchant learned that the diamond Sezanayev returned to him was a lab- grown stone, according to court records.
Sezanayev has pleaded not guilty in the case and his attorney, Queens-based Boris Nektalov, told National Jeweler on Tuesday that his client is “awaiting his day in court.”
In the press release announcing Sezanayev’s indictment, the Manhattan DA’s office thanked both the New York Police Department and GIA for aiding in the investigation.
A GIA spokesman said Tuesday, “We are grateful that we were able to assist the Manhattan District Attorney’s office with the investigation … For many years, GIA has provided training and investigation assistance to law enforcement in the U.S. and around the world. This is part of our mission to protect consumers and our work to meet the industry’s needs.”
He also noted that in addition to the GIA iD100, the lab’s desktop diamond tester, the lab offers four services to match a loose diamond to its GIA report.
They are: GIA Report Check; GIA Report Confirmation Service, which became available at all GIA labs earlier this year; GIA Match iD, an inscription viewing instrument that uses AI; and the lab’s Update Service, in which GIA-graded diamonds can be submitted for re-evaluation.
The recent indictment in New York State Supreme Court is not the first time Sezanayev has been accused of a diamond-related crime.
In 2017, he was one of a dozen men charged with perpetrating a series of frauds that ultimately cheated diamond wholesalers out of more than $9 million in goods.
He pleaded guilty to one count of conspiracy to commit wire fraud in 2018 and was sentenced to 366 days behind bars, court records show.
According to the online database for the Federal Bureau of Prisons, Sezanayev was released from prison in December 2019.
In 2017, he was one of a dozen men charged with perpetrating a series of frauds that ultimately cheated diamond wholesalers out of more than $9 million in goods.
He pleaded guilty to one count of conspiracy to commit wire fraud in 2018 and was sentenced to 366 days behind bars, court records show.
According to the online database for the Federal Bureau of Prisons, Sezanayev was released from prison in December 2019.
More on Lab-Grown
The Latest
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.”
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 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.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
