Michel Elias Germani, whose company, Germani Jewellery, designed for the likes of Princess Diana, was arrested on Monday.
Police say the 65-year-old first told officers he was threatened by two men posing as customers at his store in Sydney’s Queen Victoria Building in January.
According to the police, one of the two men threatened the employee with a knife, while the other demanded access to the jewelry box.
He said the two robbers handcuffed Germani and the employee, then fled the store with a large and expensive amount of jewelry.
Last month, police arrested two people, Chanel Tovino, 37, and Mounir Helou, 57, for the alleged theft.
Police arrested Germani after suspecting the theft was a fraud.
Germani, charged with theft and publishing false or misleading information, did not file a bail application and was ordered to appear in court again for a bail review on Thursday.
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