Imelda Marcos Jewelry for Appraisal by Christie’s Auction, Could be Worth $5 Million

Imelda Marcos jewelry

Imelda Marcos jewelry; Credit: Edd Gumban/Inquirer

A rare 25-carat, barrel-shaped pink diamond that allegedly belongs to former First Lady and now Congresswoman Imelda Marcos will be for appraisal by the famous Christie’s auction. The said jewelry is part of the collection that was stored at the Bangko Sentral ng Pilipinas (BSP) office, and was presented to media this Tuesday, November 24.

“We had an extremely exciting find. We found an old briolette-cut diamond, which is 25 carats. It has a distinct pink color. Pink diamonds are exceedingly rare.” Christie’s auction director of jewelry David Warren told Reuters, adding that the Imelda Marcos jewelry could be worth $5 million (around P236 million) but could increase once the entire collection will be auctioned.

The Imelda Marcos jewelry collection, which reportedly consists of three sets with more than 700 pieces of jewelry, has a value worth from $6 to $8 million back in 1991. In 2005, the Philippine government under the administration of Gloria Macapagal-Arroyo tried to auction the said collection, but Imelda Marcos then claimed that only two sets of them belong to her.

“We expect them to be higher now, But we have to wait for the final appraisal,”  Presidential Commission on Good Government (PCGG) commissioner Andrew de Castro was quoted at Philstar, as the agency and the Presidential Commission on Good Government (PCGG) started the appraisal of the three sets of jewelry collection this Monday, November 23.

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The three sets of Marcos jewelry collection were called as the Hawaii, Roumeliotes and the Malacañang collections, and were believed to be part of the alleged ill-gotten wealth of the Marcos family. Sotheby’s auction will do the appraisal after Christie’s. However, Imelda Marcos’ lawyer Robert Sison said that the on-going appraisal is “very obvious political stunt.”

The said jewelry collection was confiscated back in 1986 after the EDSA People Power Revolution. That time, then-president Ferdinand Marcos stepped down from power and the Marcoses flew to Hawaii. Cory Aquino (widow of slain Ninoy Aquino) succeeded him as the president of the Philippines. She is the mother of the present president, Noynoy Aquino.

As of posting, 86-year old Imelda Marcos has not yet commented in this issue. Senator Ferdinand ‘Bongbong’ Marcos Jr, who is running for vice president in the 2016 election, also has not spoken regarding this matter. Last August, the younger Marcos said in an interview that he and his family have nothing to apologize to the Filipino people during his father’s era.