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.
Editors' Picks
Sponsored by
More on Crime
The Latest
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
SourcingMay 21, 2026
Botswana, Angola Join WFDBThe addition of the diamond-producing countries as nation affiliated members broadens the federation’s global representation, WFDB said.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
