Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
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
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.