TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
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
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane KatrinaThe New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.
ColumnistsAug 05, 2025
The PR Adviser: Affiliate Marketing Is the Cost of CoverageLilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.
