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New York, NY--Manashe Sezanayev, a diamond dealer from Queens, has been indicted for allegedly defrauding two Manhattan diamond merchants of stones valued at $460,000.

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According to a news release by the Manhattan District Attorney's Office, the 41-year-old is accused of swapping genuine diamonds for lab-grown imitations, which are worth considerably less.

Sezanayev, who operated Rachel’s Diamonds in Manhattan's Diamond District, faces charges including two counts of Grand Larceny in the Second Degree, one count of Scheme to Defraud in the First Degree, and three counts of Criminal Possession of a Forged Instrument in the Third Degree.

The release stated that the alleged fraud took place earlier this year. On February 5, Sezanayev reportedly swapped two natural diamonds worth $185,000 and $75,000 from a merchant with lab-grown stones cut to match the originals. The stones were inscribed with forged Gemological Institute of America (GIA) laser markings to mimic authenticity.

In a separate incident on March 27, Sezanayev allegedly deceived another merchant by claiming he had a potential buyer for a diamond valued at $200,000. He is accused of purchasing a lab-grown stone, altering it to resemble the merchant's diamond, and inscribing it with a fake GIA laser marking.

Per the release, Assistant District Attorney Ben Rose is leading the prosecution, with oversight from Bureau Chief Kofi Sansculotte and Chief of the Investigation Division Jodie Kane. The investigation involved contributions from the NYPD and the GIA.

Learn more in this news release by the Manhattan District Attorney's Office.