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
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
SourcingFeb 03, 2026
Nivoda Reveals Upgraded Gemstone MarketplaceThe company also announced a new partnership with GemGuide and the pending launch of an education-focused membership program.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
EditorsFeb 02, 2026
Stars Choose Chokers, Elongated Earrings at 2026 GrammysFrom cool-toned metal to ring stacks, Associate Editor Natalie Francisco highlights the jewelry trends she spotted at the Grammy Awards.
CollectionsFeb 02, 2026
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the fact that the 2026 Olympics are taking place in two different cities.
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
