Imelda's $10M

PCGG to sell Imelda Marcos' diamonds

Alcuin Papa
Inquirer News Service

THEY had been variously described as exquisite, even fabulous. After nearly two decades, the government is letting them go.

By year's end, the Presidential Commission on Good Government hopes to finally auction off pieces of jewelry owned by former first lady Imelda Marcos, one of its officials said.

PCGG spokesman Nick Suarez said the agency expected to recover around 10 million dollars from the sale.

The jewelry, held in escrow in a vault at the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), has been independently appraised and found to be genuine.

The PCGG is finalizing the conditions and details of the auction, including the venue and date of the auction, Suarez said.

"It is all being discussed at high levels. We hope to have the jewels disposed of before the year ends," he said.

There were no details on what sort of jewelry would be auctioned off but a 2002 report by the Inquirer said the collection consisted of 89 pieces when they were inventoried and valuated by famed auction house Sotheby's in 1990.

At that time, the saleroom estimated value of the jewelry pieces was placed by Sotheby's between a low of 4,194,920 dollars and a high of 5,736,600 dollars.

The report had described the jewelry pieces as "works of art" by themselves because of their exquisite designs, breathtaking size, and the superb quality of the gems.

It said the collection included a yellow gold 30.71-carat diamond-studded bracelet with a central marquise cut diamond crafted by Bulgari. When appraised by Sotheby's in 1990, it was reportedly valued conservatively from 800,000 dollars to 1.2 million dollars.

According to the report, the collection included jewelry pieces seized in 1986 from Greek national Demetrious Roumeliotes, supposedly a close friend of Marcos. Roumeliotes denied they were owned by Marcos and claimed that the pieces were made of paste.

Suarez said at least two international auction houses, which he did not identify, were interested in selling off the jewelry.

A source in the PCGG said that the agency was determined to trace the backgrounds of the bidders to prevent the jewelry from falling back into the hands of Marcos.

Now in her early 70s, Marcos faces several graft cases before local courts. The cases are linked to her stint as housing minister and governor of Metro Manila.

The 18-year-old PCGG has recovered Marcos-linked assets in the Philippines amounting to 50 billion pesos and 683 million dollars from Swiss bank accounts.