Jeweller Michel Germani has been sentenced to almost five years in jail for staging a multimillion-dollar armed robbery to commit insurance fraud – but with time already served he will be eligible for parole in August.

The Sydney businessman, who has been in prison for about three years, admitted helping to plan and co-ordinate a fake robbery at his Hilton Hotel store in January 2023.

Germani submitted a claim to Barrenjoey Insurance Brokers, underwritten by Lloyd’s of London, stating 164 items with a wholesale cost of $2.82 million and retail price of more than $7 million were stolen.

He told police he had been robbed by two men who bound him and a sales assistant with cable ties.

The claim was rejected, and he later admitted he faked the robbery with the help of others.

Germani pleaded guilty about a year ago to dishonestly obtaining financial advantage by deception and intending to pervert the course of justice.

He began his career with five stores for Al Rajhi, owner of the largest bank in Saudi Arabia. He moved to Australia in 1985 and opened a Circular Quay store for the 2000 Olympics.

Germani’s business designed pieces for Princess Diana, the Saudi royal family and Elizabeth Taylor, and sponsored TV show Sale of the Century for 13 years.

Last month, he avoided more serious criminal convictions in a trial that hinged on whether employee Lana Al-Khoury knew of the plan and consented to being bound with the cable ties.

Prosecutors were pursuing convictions for aggravated robbery and kidnapping, but a jury found him not guilty of those charges.

Germani was today sentenced to four years and 10 months in jail. He will be eligible for parole on August 7 this year.