EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
CrimeApr 07, 2017
12 Charged in $9M Diamond District Scam
The men allegedly passed bad checks, used forged documents and told tall tales to cheat wholesalers out of millions of dollars in melee.
New York--Federal authorities in New York have charged 12 men with fraud for allegedly running a worldwide scam that cheated diamond dealers out of more than $9 million in goods.
The U.S. Attorney’s Office in Manhattan said Wednesday that the FBI had been investigating a series of “predatory frauds” being perpetrated by this group since 2015.
The group, some of who allegedly are Russian gangsters, are said to have used a variety of methods to cheat victims of diamonds--they would write bad checks, give false references, use forged documents and tell “tall tales,” preferring always to deal in melee because it’s harder to track.
According to federal authorities, the gang’s most common technique was the “bust out.”
They would build up credit and trust with a victim by paying for goods on delivery before placing a huge order, essentially maxing out their credit with the victim, and then disappear with the diamonds.
When victims would insist upon payment, the men would simply give them the run-around, telling them their diamonds had been lost, sold to someone else who refused to pay, or that another member of the group would repay them.
According to the U.S. Attorney’s Office, the men charged in the case are: Godel Sezanayev (aka Gary); Mark Mullakandov; Albert Foozailov; Imanil Muratov (aka Eddy); Manashe Sezanayev (aka Michael); Nathan Itzchaki; Arkadiy Israilov; Ali Javidnezhad; Mark Natanzon; Sholom Muratov; Menachem Abramov; and Nizamuden Akbari.
The attorney’s office said Wednesday that 10 of the 12 men had been arrested while Javidnezhad and Akbari remained at large. No further updates were immediately available Friday morning.
The 30-page complaint filed in the case contains an affidavit by the FBI agent who worked it, and sections of its read like they were taken straight out of a Hollywood blockbuster--secretly recorded meetings, undercover operations and cash-stuffed duffel bags.
In one instance, the affidavit describes how one victim, who lost a total of $2.4 million in goods to this gang, was outfitted with a recording device by the FBI for one meeting with Godel Sezanayev, or “Gary,” who told him, “Take me to court … I pay you when I feel like it,” “Nobody can do [expletive] to me,” and “If I need, I [expletive] somebody if I want.”
The affidavit describes another instance in which this same victim got swindled by Manashe Sezanayev, or “Mike.” Mike gave the victim a duffel bag that purportedly contained more than $500,000 but turned
out to mostly $1 bills, stacked up and concealed beneath $100 bills bound together with rubber bands.
Sezanayev, Foozailov, Muratov, Sezanayev, Javidnezhad, Israilov and Akbari are each charged with conspiracy to commit wire fraud, for which they could serve up to 20 years in prison.
Wire fraud is financial fraud that takes place using telecommunications or information technology; in this case, the perpetrators are charged with wire fraud because they used the telephone in some of their allegedly fraudulent dealings.
Foozailov, Nathan Itzchaki, Mark Mullakandov, Mark Natanzon, Menachem Abramov and Sholom Muratov are charged with conspiring to commit mail fraud, which carries the same maximum sentence.
These six are charged with mail fraud because they allegedly convinced four diamonds dealers in Mumbai to send them more than $7 million in diamonds via interstate carrier but never paid for them.
Sezanayev, Foozailov, Muratov, Sezanayev, Javidnezhad, Israilov and Akbari are each charged with conspiracy to commit wire fraud, for which they could serve up to 20 years in prison.
Wire fraud is financial fraud that takes place using telecommunications or information technology; in this case, the perpetrators are charged with wire fraud because they used the telephone in some of their allegedly fraudulent dealings.
Foozailov, Nathan Itzchaki, Mark Mullakandov, Mark Natanzon, Menachem Abramov and Sholom Muratov are charged with conspiring to commit mail fraud, which carries the same maximum sentence.
These six are charged with mail fraud because they allegedly convinced four diamonds dealers in Mumbai to send them more than $7 million in diamonds via interstate carrier but never paid for them.
The Latest
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsThe company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest AuctionIts commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready BroochDesigner Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ ListExpanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New StoreLocated in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV SeriesThe episode about the family-owned jeweler will premiere May 17.
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in AustinThe Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to AuctionThe turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise RingSet with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple EffectThough currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship StoreLocated in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for MayMay babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.
MajorsMay 01, 2025
Jewelers of America Opens Applications for 2025 ScholarshipsThe deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.
SurveysApr 30, 2025
Consumer Confidence Hits Pandemic-Level Low Amid Tariff ConcernsWhat’s really worrying U.S. consumers isn’t the present situation; it’s what the economy is going to look like six months from now.
Events & AwardsApr 30, 2025
Instore Show Debuts New Name, Look, and FocusNow called The Instore Jewelry Show, it will include holiday-focused education, interactive workshops, and a window display contest.
