Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeAug 17, 2017
Reports: Israeli Billionaire Beny Steinmetz Arrested
Police detained the diamond and mining magnate Monday in connection with a fraud investigation, according to multiple reports.
Jerusalem--Israeli diamond and mining mogul Beny Steinmetz was arrested Monday morning as part of a fraud investigation, various news sources reported this week.
Steinmetz owns BSGR, a natural resources and power company with mining and metal operations including diamonds, copper, iron ore and gold, and is estimated to be worth more than $1 billion, according to Forbes.
He was one of five people detained in connection with an investigation into money laundering, obstruction of justice and bribery.
The Jerusalem Post reported that the other four were: political adviser Tal Silberstein, telecommunications company Bezeq’s acting chairman David Granot, attorney Doron Levy, and Asher Avidan, a former senior executive at BSGR in Guinea.
Steinmetz and Silberstein were held in custody for further questioning. The other three were released without being charged.
According to local news reports in Israel, police said they had been investigating “a number of people on suspicion that they acted systematically together with the main suspect in order to create and present fictitious contracts and deals, among other things, in the field of real estate in a foreign country, for the purpose of transferring funds and money laundering.” They did not name the main suspect or the foreign country.
Steinmetz has not yet been charged with a crime, the Financial Times noted.
His lawyer, Ronen Rosenblum, could not be reached for comment by press time, but The New York Times reported that he told press in Israel, “We understand that the case that prompted the opening of the investigation-- the Guinea case-- has no basis and no substance.”
He added that: “We are confident that just as no charges have been filed until today in any of the investigations, the same will be true in this case.”
A number of countries, including the United States, have been investigating Steinmetz for years in regards to the alleged bribery of government officials in Guinea to win mining concessions in the country, The New York Times said. Israeli authorities previously arrested Steinmetz in December in connection with this, but he was released without being charged.
A spokesperson for Steinmetz’s company, BSG Resources, told National Jeweler that they cannot comment yet since they still don’t know the allegations against him.
Silberstein’s lawyer, Eyal Rosovsky, said that his client denies all accusations leveled against him.
More on Crime
The Latest
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
