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Diamond Thief Makes Expensive Exchange at Local Jewelry Store

A jewel thief makes a very expensive exchange at a local store. But the store owners are coming up with a way to get their diamond back, and the man responsible, behind bars.

The theft has been a very expensive lesson in security protocol for Glennpeter Jewelers. A loose diamond worth 35-thousand dollars was stolen from their Colonie Center Mall store last week.

It took just seconds to make the very costly switch.

"In those five seconds, he made the switch, and it was gone," says Jeff Wiess, owner of Glennpeter Jewelers.

Surveillance photos show the suspect, a young white man, walking into the store, asking to look at a "Hearts on Fire" two-carat diamond. The suspect switches the diamond for a fake when he asks the sales associate to grab the certificate for the diamond. She goes under the counter, and that is when he switches the diamond.

"The sales associate looks up, doesn't notice the fake, talks to him...he basically leaves the store, and that's unfortunately where we are today," Wiess says.

Hours later, the sales person realizes the stone has been replaced with a cubic zerconia, worth nothing more than a couple bucks.

Wiess says the diamond is recognizable by laser identifiers etched into the side of the stone. He says it is easy to spot, with the company name "Hearts on Fire" and the number "52506" etched on the side. Wiess believes the suspect is local and will try to fence the diamond online or in local stores.

But with little to go on, except pictures of the suspect, they are hoping the public will join the police in their efforts.

"We do have a great photo of the young man, so we are hoping if the public out there sees it, they call the State Police and we can get the diamond back," says Wiess.

The owner of Glennpeter Jewelers realizes this has been an expensive lesson in security. They say they have made improvements to their handling of their loose gems.

Also, there is a reward being offered. Wiess told NEWS10 he is offering five-thousand dollars to the person who helps locate the thief and their "real" two-carat diamond.

If you have any information, you are asked to call the State Police.