A jewellery trader has pleaded guilty to stealing nearly HK$7 million of diamonds from seven suppliers over six months and pawning most of the gems for cash.
Chan Ho-wai, 44, was jailed for three years and eight months yesterday over seven counts of theft. The offences happened between April and October 2011.
Prosecutor Laurence Poots told the Court of First Instance that 75 pieces of jewellery costing HK$5.8 million had been recovered from eight pawnshops.
Chan acted as a middleman to help the suppliers sell their jewellery, and had to return anything that was unsold. But the father of two, who had been in financial difficulties, neither paid for the goods nor returned any remaining items to the suppliers.
"Chan pawned many of the pieces to raise money for himself," Poots said.
Among the stolen jewellery were a heart-shaped diamond, 49 diamond rings, 11 diamond bangles, 8 diamond bracelets, and many diamond pendants and necklaces. The total value was HK$6.8 million.