💎🚨 NYC Diamond Dealer Caught Swapping Natural Stones for Fakes—$460K Scam Uncovered
It’s the kind of betrayal that shakes trust across the jewelry world: New York diamond dealer Manashe Sezanayev has pleaded guilty to grand larceny, after admitting he swapped natural diamonds for lab-grown fakes—stealing a total of $460,000 from two merchants. 😳
🔍 What Happened?
Sezanayev, who operated Rachel’s Diamonds in Manhattan’s Diamond District, pulled off two elaborate scams:
February Incident
- A merchant brought two natural diamonds worth $185K and $75K
While “weighing” the stones, Sezanayev swapped them for lab-grown duplicates
The fakes were recut to match the originals and engraved with forged GIA laser inscriptions
April Incident
- Sezanayev told another dealer he had a buyer for a $200K natural diamond
He bought a lab-grown diamond, recut and fake-inscribed it, and returned it as if it were the original
The merchant didn’t realize the swap until after the meeting
- 🧾 The Outcome
Sezanayev pleaded guilty to second-degree grand larceny
He paid $200,000 in restitution and returned one of the diamonds
He is expected to get five years’ probation
What’s unclear is whether:
He will face charges for the remaining $260,000 in losses
Prosecutors will pursue the forgery and fraud-related charges
💬 Official Statement
“Manashe Sezanayev is facing accountability for stealing diamonds and replacing them with fake stones,” said Manhattan DA Alvin Bragg.
“We will continue to prosecute those who take advantage of consumers and conduct business dishonestly.”
⚠️ Why This Matters
💡 Fake GIA inscriptions = serious fraud risk
💡 Trust in diamond dealers = shaken
💡 Underscores need for secure verification practices & buyer vigilance
TL;DR:
NY dealer swapped $460K in real diamonds for lab-grown fakes
- Forged GIA inscriptions used to hide the fraud
- Partial restitution paid, but big questions remain
- Industry braces for trust fallout 😬
- The sparkle might be real—but always verify.