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The owner and manager of a pawn shop were arrested Monday for swapping out the diamonds in a ring stolen from an elderly woman and replacing them with cubic zirconia, according to a statement from Toms River Police Wednesday.

Ann Paris, 65, the owner of Aaron’s Gold Store on 165 Route 37 East in Toms River, and Walter Hodnovich Jr, 39, the store manager, were charged with theft of the diamonds and released on $5,000 bail each. Both were identified by police as living at the same address in Bayonne.

On April 8, an 80-year-old Knollwood Court woman reported a burglary at her home. Police later arrested Juan Morales, 24, of Bass River, for that crime. It was determined that Morales stole antique coins and several pieces of jewelry, including a platinum double-diamond ring valued at $15,000. That stolen ring was sold to Aaron’s Gold for $140.

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