VOLGOGRAD, January 4 (RIA Novosti) – Police in the Russian city of Volgograd have seized over 1,000 diamonds and other gemstones in a raid on traffickers, local police announced on Friday.

“It has been established that they [the suspects] were engaged in the manufacturing of jewelry involving precious stones in low grade gold and silver. Fake stamps were applied to the jewelry from brands and factories that make products from precious metals. These products were then sold to consumers,” the police statement read.

The police seized diamonds, sapphires, emeralds and other precious stones worth about 2.5 million rubles (about $82,000). Police were acting on a tip-off about illicit distribution channels for the black market gems through pawnbrokers and jewelry stores.

Two locals, aged 27 and 37, are suspected of trafficking the gemstones and precious metals. They could face up to 12 years in prison if found guilty.