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.

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.
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.
The Latest

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.


Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The event is set for May 16-19 in Detroit, Michigan.

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

The organization has also announced this year’s slate of judges.

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker started at Williams Jewelers when she was 18 years old.

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

The winning designs captured the “Radiance” theme.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.