The owner of a Los Angeles-based gem wholesale company has been charged with
fraud after falsely claiming the loss of a 4.21 ct. diamond valued at more than
$99,000, according to a local
news report.

According to the report, jeweler Lior Bitton, owner of Pacific Diamonds
& Gems Inc., claimed the loss of more than $256,000 worth of diamonds after
one of his jewel couriers was robbed. A police investigation uncovered that the
$99,000 diamond was in Israel
at the time of the crime. The investigation also determined the robbery was not
staged.

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JCK