CrimeFeb 11, 2025
2 Men Charged With Selling Stolen Jewelry, Watches in NYC Diamond DistrictCrimeMar 04, 2025
NYC Diamond Dealer Pleads Guilty to Lab-Grown Diamond Swaps
Manashe Sezanayev pleaded guilty to grand larceny and is expected to receive five years’ probation when he’s sentenced in May.
Manashe Sezanayev of Queens, New York, who was accused of replacing three natural diamonds with lab-grown ones, has pleaded guilty to defrauding two diamond merchants.
New York—A dealer based in New York City’s Diamond District has pleaded guilty to defrauding two other diamond merchants by replacing natural diamonds with lab-grown ones, the Manhattan District Attorney’s Office announced last week.
On Feb. 27, 41-year-old Manashe (Mike) Sezanayev of Queens, New York, pleaded guilty in a New York State Supreme Court to one count of grand larceny in the second degree.
Sezanayev, the owner of Rachel’s Diamonds on 47th Street in Manhattan, was indicted last July in New York State Supreme Court on two counts of second-degree grand larceny and one count of first-degree scheme to defraud, which are both felonies, as well as three counts of third-degree criminal possession of a forged instrument, a misdemeanor.
His sentencing date is May 5, according to the DA’s office.
He is expected to receive five years of probation and to make restitution in the amount of $200,000, which Manhattan DA Alvin L. Bragg Jr. said has already been paid.
Related stories will be right here … On Feb. 27, 41-year-old Manashe (Mike) Sezanayev of Queens, New York, pleaded guilty in a New York State Supreme Court to one count of grand larceny in the second degree.
Sezanayev, the owner of Rachel’s Diamonds on 47th Street in Manhattan, was indicted last July in New York State Supreme Court on two counts of second-degree grand larceny and one count of first-degree scheme to defraud, which are both felonies, as well as three counts of third-degree criminal possession of a forged instrument, a misdemeanor.
His sentencing date is May 5, according to the DA’s office.
He is expected to receive five years of probation and to make restitution in the amount of $200,000, which Manhattan DA Alvin L. Bragg Jr. said has already been paid.
According to court documents and statements made on the record in court, last February, a diamond merchant brought two natural diamonds to Sezanayev’s office that Sezanayev claimed to be interested in buying, valued at approximately $185,000 and $75,000.
When Sezanayev turned his back to the merchant to weigh the stones, he allegedly swapped them for two lab-grown stones intentionally cut to mimic the natural stones, both fraudulently inscribed with Gemological Institute of America report numbers for natural diamonds.
According to court records, the next month, Sezanayev told another diamond merchant that he had a customer looking to purchase a diamond worth around $200,000.
Sezanayev purchased a lab-grown diamond re-cut to mimic the $200,000 natural diamond he claimed to be interested in, also inscribed with a fraudulent GIA report number.
He brought the lab-grown stone to a meeting with his alleged customer and the merchant, and while evaluating the natural stone, Sezanayev made the swap.
The merchant did not realize his natural diamond had been swapped for a lab-grown diamond until later.
The DA’s office said the $200,000 diamond was returned to the victim.
“Manashe Sezanayev is facing accountability for stealing diamonds from merchants and replacing them with fake stones,” Bragg said.
“We will continue to prosecute those who take advantage of consumers and conduct business deals in a dishonest manner.”
This is the second time Sezanayev has pleaded guilty to 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.
When Sezanayev turned his back to the merchant to weigh the stones, he allegedly swapped them for two lab-grown stones intentionally cut to mimic the natural stones, both fraudulently inscribed with Gemological Institute of America report numbers for natural diamonds.
According to court records, the next month, Sezanayev told another diamond merchant that he had a customer looking to purchase a diamond worth around $200,000.
Sezanayev purchased a lab-grown diamond re-cut to mimic the $200,000 natural diamond he claimed to be interested in, also inscribed with a fraudulent GIA report number.
He brought the lab-grown stone to a meeting with his alleged customer and the merchant, and while evaluating the natural stone, Sezanayev made the swap.
The merchant did not realize his natural diamond had been swapped for a lab-grown diamond until later.
The DA’s office said the $200,000 diamond was returned to the victim.
“Manashe Sezanayev is facing accountability for stealing diamonds from merchants and replacing them with fake stones,” Bragg said.
“We will continue to prosecute those who take advantage of consumers and conduct business deals in a dishonest manner.”
This is the second time Sezanayev has pleaded guilty to 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.
More on Crime
The Latest
AuctionsNov 13, 2026
Historic ‘Romanov Sapphire’ Achieves $4.9M at Sotheby’sThe 197-carat Russian Crown jewel was the leading lot of Sotheby's white-glove Royal & Noble Jewels sale this week.
CollectionsNov 13, 2026
Maison Marcelle’s Bracelet Flows Like FabricThe “Équation” bracelet, our Piece of the Week, was built via 24 gold modules assembled into a piece that feels like fabric on the wrist.
IndependentsNov 13, 2026
Texas Jeweler to Close After 111 YearsAlter’s Gem Jewelry in Beaumont, Texas, is closing as Brian and Lori Alter retire to spend more time with family.
Brought to you by
DSF Antique Jewelry: Fine Jewelry, Signed Designers, and a World of Rare DiscoveriesWith over 50 years experience in the trade, DSF Antique Jewelry offers quality, craftsmanship, condition, and remarkable variety.
Events & AwardsNov 13, 2026
Tiffany & Co., CFDA Unveil Second Jewelry Designer Award Finalists Five finalists have been chosen for the Tiffany & Co. x CFDA Jewelry Designer Award’s second cycle.
Weekly QuizNov 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 12, 2026
24-Carat ‘Bulgari Pink’ Diamond Sells for $14.8MUnseen for more than seven decades, the fancy intense pink diamond was the star of Christie’s Geneva jewelry auction.
WatchesNov 12, 2026
Zadok Jewelers Now Offers Certified Pre-Owned Rolex WatchesThe curated selection is available online and at its showroom in Austin, Texas.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
IndependentsNov 12, 2026
Greenberg’s Jewelers Welcomes New Fourth-Generation MembersThe next generation understands what makes the 126-year-old retailer special, said CEO and Co-President Elise Greenberg.
Lab-GrownNov 10, 2026
GIA Examines Pink Lab-Grown Diamond Made to Look NaturalThe 6-carat CVD-grown pink diamond was “deliberately modified” to mimic the appearance of a natural rough diamond, the lab said.
SourcingNov 10, 2026
Botswana in Line to Take Controlling Stake in De Beers, President Says If the Global Diamond Consortium emerges as the top bidder for De Beers, Botswana’s stake will double to 30 percent, Duma Boko said Monday.
ColumnistsNov 10, 2026
Who Checks the Facts When AI Writes Your Jewelry Copy?An incorrect AI-generated ad or product description can cost your store valuable consumer trust.
Events & AwardsNov 09, 2026
Here Are the 2027 Gem Award NomineesThese nine individuals and brands are up for a Gem Award in the Jewelry Design, Media Excellence, and Retail Innovation categories.
GradingNov 09, 2026
GIA Acquires Thousands of Gem Specimens With ‘Extraordinary’ InclusionsGIA Analytical Microscopist John Koivula curated the collection of 2,665 crystals, gems, and minerals over a 60-year span.
CollectionsNov 09, 2026
Bibi van der Velden’s Alligators Become High JewelryThe “Eclipse” collection, the brand’s first high jewelry line, centers its alligator motif in diamond and spinel jewels.
EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
