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12 Accused in $9M Diamond Fraud Case, and Other News From This Week




Here’s what’s happening in the world of jewelry.

Authorities say they’ve charged 12 men in connection with a $9 million diamond fraud scheme in New York. The men, who allegedly are Russian gang members, tricked wholesalers in the Diamond District by way of false references and cold checks, federal prosecutors say, according to the New York Post. Acting Manhattan U.S. Attorney Joon Kim was quoted saying, “The defendants allegedly took advantage of an industrywide system of credit and trust to obtain largely untraceable diamonds, and then, using various allegedly illegal schemes, refused to pay.” They’re charged with mail fraud and wire fraud and have been released on bail.

Mike Carter of Carter’s Fine Jewelers and Gifts in Rocky Mount, VA, is entering the local political arena, the Franklin News-Post reports. Carter, whose described by the newspaper as an “anti-pipeline activist,” is running for the role of Rocky Mount district supervisor. He’s quoted saying: ““I think the county needs to maybe have a businessperson’s perspective on county politics.”

Movado Group Inc. announced that its president, Ricardo Quintero, is departing. He’ll stay with the watch company through April 30, after which his responsibilities will be assumed by members of the senior management team. The change is part of a “streamlining” of the organization, according to a press release.


Thomas S. Fox Fine Jewelry Outlet in Grand Rapids, MI, is closing after 100 years in business, WOOD-TV reports. Decades ago the business had as many as 48 locations in several states, but now it’s down to one. Owner John Turrentine says he’s ready for a change and he’s going back to his previous career in building and real estate.

A new bill called the Main Street Cybersecurity Act has landed in the U.S. Senate, CNBC reports. If it passes, it will create resources and guidelines for small businesses seeking to prevent cyberattacks. Bill co-sponsor Sen. Maria Cantwell, D-WA, said: “By creating a simple, voluntary cybersecurity framework for small businesses, the Main Street Cybersecurity Act will help them protect their data.”






Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

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