High end Sydney jeweller accused of allegedly orchestrating $2.8m heist in his store

Police allege Michel Elias Germani, 65, planned an armed robbery in a bid to defraud an insurance company

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A high-profile Sydney jeweller has been charged after allegedly arranging an armed heist of his own jewellery store in what New South Wales police say was an elaborate attempt to defraud his insurance company more than $2.8m.

Michel Elias Germani - whose business Germani Jewellery, has designed items for the likes of Diana, the former Princess of Wales; Elizabeth Taylor, and the Saudi royal family, according to its website - was arrested on Monday.

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