A man stole a $1 million diamond ring in a planned burglary and sold it for a bargain price of $300,000 in Thailand, a court has heard. George Georgiou, from Melbourne, snatched the 9.1 carat ring from the CBD jewellery store Hardy Brothers Jewellers in March 2009, before fleeing to Thailand and selling the stolen ring for $300,000.
The Court heard Georgiou, a former Freemason, has a history of theft, and was also being charged for a previous offence. Prosecutor Raymond Elston SC told a county court in a committal hearing that Georgiou was charged for stealing a diamond ring worth $26,995 from a stall at Camberwell Market in 2008.
Defence lawyer Janine Gleeson said while the Hardy Brothers heist was planned, stealing from the market stallholder, who Georgiou had forged a professional relationship with, was more opportunistic. Mr Elston called for the defendant to be jailed for a maximum of five to six years, with a non-parole period of three to four years. Georgiou will remain in custody as he awaits sentencing by Judge Margaret Rizkalla on October 31.