He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
Mich. Jeweler Pleads Guilty in Case Involving Stolen Platinum
A wholesale jeweler with access to a supplier’s vault admitted to stealing precious metals and replacing them with scrap metals.
Detroit--A wholesale jeweler with access to a supplier’s vault pleaded guilty to slowly stealing precious metals and replacing them with scrap metal.
Greg Koukoudian--who was an employee at C.R. Metals and C.R. Hill, both of which engage in the buying, selling and processing of metals, and selling of jewelry products--pleaded guilty to one count of wire fraud in U.S. District Court for the Eastern District of Michigan Tuesday.
According to court documents, New Jersey-based Auramet International Co. had a business agreement with Koukoudian wherein the company, along with ICBC Standard Resources, would sell him precious metals.
Both companies stored quantities of precious metals in vaults at a secure facility in Detroit.
Their supply agreement gave Koukoudian the right to remove certain materials from the vault temporarily, prior to purchase, for the specific purpose of processing the metals into commercial grade alloy for resale. After processing, the materials had to be returned to the vault.
According to court documents, over the course of a few years, Koukoudian took the precious metals from the vault--identified specifically in other court documents filed in the case as platinum--and replaced them with “less valuable metals of the same general appearance,” said to be metal rods comprised of tin, copper and “other relatively worthless scrap metals.”
He submitted false inventory reports about what he was returning; the wire fraud charged stems from Koukoudian sending these inventory reports electronically.
Losses are estimated to be $3.8 million for Auramet International and $2.7 million for ICBC Standard Resources.
Koukoudian’s sentencing is set for Jan. 10 before District Judge Mark A. Goldsmith. He faces up to 20 years in prison and a maximum $250,000 fine.
The Latest

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The organization elected its youngest vice president as it looks to draw in fresh talent.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.


The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

Sponsored by The INSTORE Jewelry Show 2025

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

Production at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford will step into the role, bringing with him decades of experience.

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

The New England jeweler is hosting a bridal event for the month of August.

The trade-only event will host its debut fair in the Emerald City later this month.

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.