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
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
SourcingNov 25, 2025
Finestar Opens Diamond Manufacturing Facility in JohannesburgIt joins the company’s other manufacturing facilities globally, including in India, Botswana, and Namibia.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
