Marcos jewelry amount to at least P1 billion | Inquirer News

Marcos jewelry amount to at least P1 billion

By: - Reporter / @jovicyeeINQ
/ 03:05 PM February 12, 2016

The Presidential Commission on Good Government (PCGG) announced on Friday that the three Marcos jewelry collections are now worth at least P1 billion.

Based on the report of auction houses Christie’s and Sotheby’s, the PCGG said that the value of the Malacañang, Hawaii and Roumeliotes jewelry collections “significantly increased,” with some of the items now worth more than 10 times since its last appraisal.


The collections were last valued in 1991 between $6 million to $8 million.

In November last year, the government asked Christie’s and rival Sotheby’s to appraise the three sets of jewelry so it could decide whether to sell them or exhibit them in a museum.


READ: Marcos jewelry being appraised ahead of possible auction

During the latest appraisal, a rare pink diamond estimated to be worth at least $5 million was found in the Hawaii collection that was not among the jewelry pieces appraised two decades ago.

The Hawaii collection, composed of around 300 jewelry pieces, was seized by the US customs bureau in Hawaii where the dictator Ferdinand Marcos and his family fled into exile following the 1986 Edsa People Power Revolution.

The Malacañang collection has over 400 pieces of jewelry left behind in the Palace by the dictator’s family.

The Roumeliotes collection was seized from Greek businessman Demetriou Roumeliotes who attempted to smuggle out of the country a week after the Edsa People Power Revolution at least 60 jewelry pieces, in violation of the Tariff and Customs Code. Roumeliotes was allegedly a Marcos crony.

READ: Pink Imelda diamond found

PCGG Chair Richard Amurao said that the Privatization Council approved this week the sale of the Hawaii collection in the international market.


“We hope that the Filipino people will finally benefit from the proceeds of the collection,” Amurao said.

He added that prior to the sale, an exhibit of the collection will be held in a venue and date that will be announced later.

“We believe that the exhibit of these ill-gotten jewels will be a great vehicle to raise awareness, especially for the younger generation and those who have forgotten, to remind the Filipino people of the perils of the two-decade regime of corruption that was under the Marcoses,” he said. CDG

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TAGS: auction, Christies, collection, Jewelry, Marcos, Presidential Commission on Good Government (PCGG), Sotheby’s
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