Crime

New Jersey Jeweler Pleads Guilty To Evading Customs

CrimeSep 16, 2024

New Jersey Jeweler Pleads Guilty To Evading Customs

Monishkumar Kirankumar Doshi Shah admitted to dodging customs duties on more than $13.5 million of jewelry imported into the U.S.

Stock image of a gavel
Jeweler Monishkumar Kirankumar Doshi Shah faces up to 25 years in prison after pleading guilty to evading customs duties and to illegally processing millions of dollars through an unlicensed money transmitting business.
Newark, N.J.—A 39-year-old jeweler based in New Jersey and India has pleaded guilty to evading customs duties, the U.S. Attorney’s Office in New Jersey announced last week.

Monishkumar Kirankumar Doshi Shah, also known as Monish Doshi Shah, of Mumbai, India, and Jersey City, New Jersey, pleaded guilty in federal court to evading customs duties on more than $13.5 million of jewelry imports into the United States. 

He was charged in an information with one count of conspiracy to commit wire fraud and entered his plea before U.S. District Judge Esther Salas on Sept. 10.

From December 2019 through April 2022, Shah schemed to evade duties for jewelry shipments from Turkey and India to the U.S., said a statement from the office of U.S. Attorney for the District of New Jersey Philip R. Sellinger.

Shah or his conspirators would ship the goods from Turkey or India to one of Shah’s companies in South Korea. If these goods were shipped directly to the U.S., they would have been subject to a 5.5 percent duty.

Shah’s connections would change the labels on the jewelry to state that they were from South Korea instead of Turkey or India, according to information from court documents and statements.

The goods then were shipped to Shah or his customers in the U.S., unlawfully evading customs duties, the U.S. Attorney’s Office said. 

Shah told his connections to make fake invoices and packing lists to make it look like his South Korean companies were ordering the jewelry from Turkey or India. 

He also instructed a third-party shipping company to provide false information to U.S. Customs and Border Protection (CBP) regarding the origin of the jewelry.

During this time, Shah shipped approximately $13.5 million of jewelry from South Korea to the U.S. without paying the appropriate duty, said the U.S. Attorney’s Office.

 Related stories will be right here … 

Shah also pleaded guilty to one count of operating, and aiding and abetting the operation of, an unlicensed money transmitting business. 

From July 2020 through November 2021, he owned and/or operated several jewelry companies in New York’s Diamond District, including MKore LLC, MKore USA Inc., and Vruman Corp.

He used these businesses to conduct more than $10.3 million in illegal financial transactions for customers, including converting cash to checks or wire transfers, according to statements and court documents.

He would also collect cash from customers and use other individuals’ jewelry companies to convert the cash into wires or checks. 

“At times, Shah and other members of the money transmitting business moved hundreds of thousands of dollars in a single day,” said the U.S. Attorney’s Office.

Shah and his conspirators would charge a fee for this service.

None of the companies run by Shah or his associates were registered as money transmitting businesses with New York, New Jersey, or the Financial Crimes Enforcement Network.

Per the terms of his plea agreement, Shah agreed to pay CBP restitution of $742,500 for the customs evasion scheme and forfeit a total of $11.1 million for the customs evasion and unlicensed money transmitting schemes.

He faces up to 20 years in prison on the wire fraud conspiracy charge and up to five years for the charge of operating an illegal money transmitting business.

Each count is also punishable by a maximum fine of either $250,000 or twice the gain or loss from the offense, whichever amount is greater. 

Shah’s sentencing is scheduled for Jan. 23, 2025.

The Latest

Navneet montana sapphire
SourcingFeb 14, 2025
Navneet Gems Now Offering Unheated Montana Sapphires

The wholesale collection features material from the Rock Creek mine in a variety of colors.

Theresa Caputo &LIVY jewelry
CollectionsFeb 14, 2025
Carolyn Rafaelian Partners with ‘Long Island Medium’ Star

The “Divinely Guided” collection, created in collaboration with Theresa Caputo, features symbols that celebrate the power of connection.

Lorraine West Diamond Open Heart Ring
CollectionsFeb 14, 2025
Piece of the Week: Lorraine West’s Diamond ‘Open Heart’ Ring

Show some love on Valentine’s Day with this 14-karat yellow gold ring that features pavé diamonds.

Top Image.png
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored Gems

Colored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?

Namdia rough diamonds
SourcingFeb 13, 2025
Namibian Diamond Co. Suspends CEO, COO After Deadly Heist

Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.

Weekly QuizFeb 13, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Spectrum and Cutting Edge Buyer’s Choice awards
Events & AwardsFeb 13, 2025
AGTA Announces Buyer’s Choice Award Winners for Spectrum, Cutting Edge

AGTA recently concluded its 2025 GemFair event in Tucson and is already gearing up for next year’s show, set for Feb. 2-6, 2026.

Royal Chain models in 14-karat gold fashion links
CollectionsFeb 13, 2025
Royal Chain Releases Its Spring 2025 Catalog

More than 400 new pieces are featured in the supplier’s latest catalog.

Resolutions - 2025.jpg
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers

The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.

Azra Mehdi pink sapphire ombré heart dog tag necklace in 14-karat rose gold
TrendsFeb 13, 2025
Amanda’s Style File: Hearts for Valentine’s Day

This curation celebrates love with heart-shaped jewelry of all shapes and sizes.

Jewelers Relief Fund logo
Policies & IssuesFeb 13, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires

The fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.

3 natural diamond engagement rings by Marrow Fine, Stephanie Gottlieb, Single Stone, and Sylvie Jewelry
TrendsFeb 12, 2025
5 Engagement Ring Trends Expected to Rule 2025

From chunky bands to vintage diamond cuts and bezel settings, these are the trends experts are seeing take over the bridal market.

Jean Prounis cushion-cut diamond engagement ring
EditorsFeb 12, 2025
Q&A: Marion Fasel on the History of Diamond Engagement Rings

Fasel discusses researching her new book, the most enduring engagement ring styles, and the diamond shape Taylor Swift will pick.

De Beers Jewellers Embrace Bracelet
CollectionsFeb 12, 2025
De Beers Jewellers’ New High Jewelry Pays Homage to the Beauty of Trees

The “Essence of Nature, Chapter One” collection echoes trees and roots, literally and figuratively, through three sets of high jewelry.

Shree Ramkrishna Exports (SRK) diamonds
SourcingFeb 12, 2025
SRK Announces Notable Reduction in Greenhouse Gas Emissions

Late last year, the India-based diamond manufacturer recorded emissions per carat that are 34 percent lower than the industry average.

Peter Smith
ColumnistsFeb 12, 2025
Peter Smith: 9 Store Manager Archetypes

Smith details the types of store managers he’s encountered, with the goal of helping retailers find a person who’s a fit for their store.

myGemma showroom
TechnologyFeb 12, 2025
MyGemma Now Offers Consignment Service

The secondhand reseller stocks pre-owned designer jewelry and watches, along with other luxury goods.

 Ghirardelli Chocolocket
CollectionsFeb 12, 2025
Ghirardelli Is Slipping Chocolate Into a Locket This Valentine's Day

The limited-edition “Chocolocket” fits a mini square of Ghirardelli chocolate inside.

Jewelers of America 20 Under 40 graphic
Events & AwardsFeb 11, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ Class

The program has been expanded to include a “20 Under 40” list for jewelry suppliers and is accepting nominations through Feb. 19.

Bulgari x MB&F Serpenti watch
WatchesFeb 11, 2025
Bulgari, MB&F Launch Reimagined ‘Serpenti’ Watch

The brands immersed one of Bulgari’s most famous historical icons in MB&F’s ultra-mechanical universe of haute horlogerie.

Boucheron Power of Couture campaign
FinancialsFeb 11, 2025
Boucheron a Bright Spot as Kering’s Full-Year Sales Sink 12%

The luxury titan’s full-year performance was weighed down by struggling sales at its star brand Gucci.

Midas Chain Diamond and Gemstone Jewelry
MajorsFeb 11, 2025
Midas Chain Releases First Diamond Collection

The jewelry manufacturer has launched more than 100 pieces made with natural diamonds.

Tacori Stilla ring
SurveysFeb 10, 2025
Jewelry Resilient in 2024 Even As Luxury Sales Slipped, Says Bain & Co.

Bain & Co.’s latest report on the luxury market examines why the market’s customer base is shrinking and how to appeal to consumers in 2025.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeFeb 10, 2025
Counterfeit Jewelry Kept Kentucky Customs Agents Busy in January, CBP Says

Officers in Louisville seized 28 shipments of fake jewelry and watches that would have been worth more than $27 million if genuine.

Hearts On Fire Inside Out Collection Bracelets
CollectionsFeb 10, 2025
Hearts on Fire Flips Jewelry ‘Inside Out’ in New Collection

The collection centers on the art of tailoring, inspired by designs that feature folded fabrics, such as a tuxedo lapel.

JW Marriott Hotel in Nashville Tennessee
Events & AwardsFeb 10, 2025
Select Jewelry Show Heads to Nashville

The trade show has added a new location to its fall line-up.

Jade Trau Ladybird Charm
CollectionsFeb 07, 2025
Piece of the Week: Jade Trau’s ‘Ladybird’ Charm

From the brand’s latest collection of lucky charms, the ladybird is seen as a bearer of good fortune and a ward against negative energy.

Rough diamonds from De Beers’ Gahcho Kue diamond mine in Canada
SourcingFeb 07, 2025
De Beers’ Production Guidance Slashed, Anglo Anticipates Another Writedown

The moves come amid a prolonged period of lower demand for diamonds, particularly in China.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy