Gucci Mane Loses $270K Diamond War

5/31/2012 12:15 AM PDT

Gucci Mane Loses $270,000 Diamond Lawsuit


Rapper Gucci Mane just lost a $270,000 battle in court -- after a New York jewelry company sued the rapper for stealing a buttload of diamonds ... and won.

Rafaello & Co. retained attorney Vivian Uchitel (no relation) to file the lawsuit earlier this year in Henry County, claiming it loaned the rapper a $130,000 diamond pinky ring ... in addition to a diamond necklace and bracelet worth $110,000.

According to the lawsuit, Gucci had 15 days to pay for the goods or return them -- and he did neither ... coughing up only $40,000.

Rafaello sued for a total of $274,523.34 -- the $200,000 jewelry balance plus interest and attorneys' fees.

Gucci never showed up in court, so a default judgment was entered against the rapper in April. A lien was then placed on the rapper's property.

Gucci still hasn't responded to the action.