The Germani Jewellers store at Sydney's Hilton Hotel was robbed in January 2023 by two men who tied up owner Michel Germani and employee Lana Al-Khoury.
But the robbery was allegedly a ruse for Germani to recoup funds before his store was shut down due to an outstanding $184,000 rental debt.
The 67-year-old subsequently made an insurance claim for $2.8 million in relation to 164 jewellery items "stolen" during the fake heist, which was refused.
He has admitted to insurance fraud but denies one count of aggravated robbery with corporal violence and one count of detaining without consent in relation to Ms Al-Khoury.
Germani is due to face a re-trial over the charges in 2026 after a jury was unable to reach a verdict following a NSW District Court trial earlier this year.
In the meantime, he asked to be granted bail so he can earn funds to afford the upcoming trial.
But his application was refused in the NSW District Court on Monday.
Judge Miiko Kumar found there were no new special facts or circumstances that justified granting Germani bail, when he had already been denied bail multiple times in the Supreme Court, and refused to hear the application.
"If I did find I had jurisdiction to hear this bail application or release application, then I would refuse," the judge said.
The majority of the stolen jewellery - 84 items - remains unaccounted for.
Germani has pleaded guilty to defrauding insurers and making false statements to police in relation to the allegedly staged robbery.
"It is not, as submitted, one stupid act, but a series of them," Judge Kumar said.
Germani's lawyer Matthew Kalyk submitted that his client had already faced a long trial, which was "financially devastating", so he needed to return to work and help his wife Coco with the business.
Germani has been in custody for nearly two years and has a loving family in Australia, so there is no real risk he would flee the country ahead of his re-trial, his lawyer said.
He said the jewellery store owner committed a "stupid act of insurance fraud" but it was a "one-off act" and not a longer course of conduct which would suggest he might reoffend.
But Crown prosecutor Cate Dodds argued he should not be granted bail because there was a real risk he would flee, commit further offences, or interfere with evidence.
The risk of flight was particularly present in circumstances where there was unrecovered jewellery, she said.
Judge Kumar was also informed Germani had links to overseas jurisdictions with no extradition arrangements.
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