Jewellery seized from individuals convicted in Singapore’s S$3 billion money-laundering case has attracted about S$5 million in bids, with an eye-catching Hermes bracelet eventually selling for S$360,000.
The second online auction of confiscated jewellery concluded on Sept. 27, with 286 pieces offered to bidders. Prices ranged from S$750 for some of the least expensive items to S$360,000 for the top-selling piece.
The Hermes bracelet became the auction’s most expensive item after a rush of last-minute bids. The piece is set with 263 diamonds weighing a combined 30.31 carats, with the final bidding price reaching S$360,000 in the closing seconds.
A 15.02-carat fancy yellow diamond ring was the second-highest seller, attracting a final offer of S$230,000.
Another standout was a Dior jewellery set consisting of a diamond necklace, bangle, earrings and ring. It attracted 72 bids and eventually sold for S$125,000.
At the lower end of the auction, a pair of children’s gold rings and a diamond solitaire ring each sold for S$750.
The auction was conducted online, with bidding for the lots beginning to close from 4pm on Sept. 27. Under the auction rules, a bid placed during the final five minutes automatically extended the closing time for that item by another five minutes, with extensions continuing until five minutes passed without a new bid.
A 20 per cent buyer’s premium is added to the winning bid.
The jewellery auction formed part of a much larger effort to liquidate luxury assets confiscated in connection with Singapore’s landmark money-laundering investigation.
The earlier auction of 337 luxury items, including handbags and accessories, generated more than S$1.1 million in bids. A limited-edition Louis Vuitton pumpkin bag was the most sought-after item in that sale, receiving 81 bids and reaching S$87,000.
More than 1,000 luxury items forfeited in connection with the case are expected to be sold through a series of auctions running until May 2027. The sales are being managed by Deloitte after it was appointed by Singapore police to oversee the liquidation of the seized assets.
The underlying money-laundering case involved a network of individuals and companies linked to proceeds from scams and illegal online gambling. Ten foreign nationals were arrested during islandwide raids in August 2023, triggering one of Singapore’s largest financial-crime investigations.
Authorities have also been selling properties connected to the case. Four luxury apartments were sold at auction on Sept. 23, while several other properties were withdrawn after failing to meet reserve prices or attract bids.
All proceeds from the liquidation of the confiscated assets will go into Singapore’s Consolidated Fund, the government’s central account.
The latest jewellery sale shows the extraordinary value attached to some of the luxury assets seized in the money-laundering investigation, while the continued auctions are turning those confiscated assets into substantial proceeds for the state.
