MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
CrimeNov 02, 2018
2 Convicted in Multimillion-Dollar Diamond ‘Bust Out’ Scheme
Sholom Muratov and Menachem Abramov bought more than $4 million in melee but paid for only a fraction of it, authorities say.
New York—Two men who were part of a larger ring of con artists operating out of New York’s Diamond District were convicted in New York federal court last week.
Following a seven-day trial, Sholom Muratov and Menachem Abramov were both found guilty of mail fraud for obtaining melee diamonds via the post that they never intended to pay for.
Muratov and Abramov were among the 12 men charged in April 2017 with wire fraud and mail fraud for perpetrating a series of what federal investigators termed “predatory frauds” that ultimately led to more than $9 million in losses for diamond dealers in the United States and India.
They would write bad checks, give false references, use forged documents and give excuses as to why they could not pay for the diamonds they received, preferring always to deal in melee because it’s harder to track.
According to the original complaint, Murtov and Abramov’s role in the scheme began in December 2015 when a diamond broker in Mumbai introduced them and four other men who already have pleaded guilty in the case— Mark Mullakandov, Nathan Itzchaki, Albert Foozailov and Mark Natanzon—to four diamond wholesalers based in and around Mumbai.
The diamond broker encouraged the Mumbai-based dealers to do business with the men and they agreed, in part because of their associate’s recommendation but also because of the defendants’ “various independent representations about their business experience.”
Muratov and Mullakandov purported to be working on behalf of a fictitious company called Stud Masters USA Inc. They bought more than $3 million in melee from the wholesalers between March and July 2016, court papers state, in what’s known as a “bust out.”
Initially, they paid their bills in order to build up trust and credit with the wholesalers but, ultimately, did not pay for $2.2 million of the $3.2 million in melee they received.
Muratov, 36, pulled off a similar scheme, court papers show, ordering and receiving more than $1 million in melee but paying the wholesalers only about $231,000.
He is set to be sentenced on March 26, 2019, while the sentencing for the 32-year-old Abramov is scheduled for March 28. Both men face up to 20 years behind bars.
Muratov and Abramov were the only two of the 12 men charged to take their cases to trial. The other 10 pleaded guilty.
In addition to Mullakandov, Itzchaki, Foozailov and Natanzon,
they are: Godel Sezanayev (aka Gary), Imanil Muratov (aka Eddy), Manashe Sezanayev (aka Michael) Arkadiy Israilov; Ali Javidnezhad; and Nizamuden Akbari.
More on Crime
The Latest
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
Weekly QuizDec 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
