The pair, who faced a slew of charges including racketeering, money laundering and corruption, entered a plea deal in the Sandton High Court on Tuesday.
The two Gauteng businessman were arrested in the Northern Cape in August after they were nabbed with several uncut precious stones during a Hawks sting operation.
Twelve other suspects allegedly involved in the illicit syndicate continue their trial in Kimberley next month.
The Hawks' Philani Nkwalase says, “They pleaded guilty and were each fined R7.5 million. They were further sentenced to five years imprisonment, suspended for five years with stringent conditions that they’re not found guilty of similar offences within the next five years.”
