TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
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.
More on Crime
The Latest
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
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.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
