CrimeAug 07, 2024
Authorities Arrest Alleged ‘Black Bin Crew’ Jewelry ThievesCrimeSep 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.
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 …
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.
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.
More on Crime
The Latest
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
SourcingJul 13, 2026
De Beers Announces Potential Layoffs, 2-Year Production Pause at VenetiaThe diamond miner and marketer is undergoing another round of cost-cutting measures ahead of its sale by Anglo American.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
