CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
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.
Editors' Picks
Sponsored by
More on Crime
The Latest
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
