The jewelry collection, which includes a diamond worth at least $5 million, was seized when Marcos’ family fled to Hawaii in 1986 following a popular revolt that ended her husband’s two decades in power. The diamond could be valued at $5 million and would significantly increase the value of the entire collection if the collection is auctioned.
Advertisement
The London-based Christie’s auction house announced on Tuesday that a rare 25-carat pink diamond has been discovered in a lavish jewelry collection once owned by the former Philippine First Lady Imelda Marcos.
Pink diamonds are very rare.
Aside from the pink diamond, the jewelry collections include some sapphires and emeralds, said Brett O’Connor, Sotheby’s senior director.
Earlier, the Philippine government had tried to auction the three sets in 2005 but Imelda Marcos contested the move, claiming ownership of only two of the sets.
The government is turning to the Internet and social media to hasten the chase, said Andrew de Castro, a commissioner at the Presidential Commission on Good Government, which is tasked with tracking down the loot. His widow, now 86 and a member of Congress, became notorious for excesses, symbolized by her huge shoe collection and staggering jewelry collection.
De Castro said Friday that litigation was ongoing on the Philippine government’s lawsuit in NY to recover the proceeds from the sale and three other art works she attempted to sell.
Among his assets were paintings by such masters as Monet, Picasso and Van Gogh. President Corazon Aquino, the current president’s late mother, set up the agency to chase Marcos’s wealth when she took over in 1986 after the dictator’s downfall. Ferdinand ruled the country for more than 20 years and died in exile in 1989.
The jewels have been stored for almost three decades in the central bank’s vault in Manila.
“At a time when people were suffering, they were collecting this set of jewelery”, he said.
Advertisement
Sotheby’s will appraise the collection tomorrow (Thursday).
