SINGAPORE, Sept 28 — Bids for hundreds of jewellery pieces seized in Singapore’s S$3 billion (RM9.6 billion) money laundering case reached about S$5 million as the second online auction of confiscated luxury assets closed yesterday.
According to The Straits Times, the auction, conducted by local auction house Hotlotz, featured 286 pieces of fine jewellery linked to assets forfeited in one of Singapore’s largest money laundering cases. Diamonds dominated the sale, with winning bids ranging from S$750 to S$360,000.
The highest bid went to a diamond-studded Hermes bracelet “Kelly” bracelet featuring 263 diamonds weighing a total of 30.31 carats. Intense last-minute bidding pushed the final offer to S$360,000.
A 15.02-carat fancy yellow diamond ring attracted the second-highest bid at S$230,000.
Among the most popular lots was a Dior jewellery set comprising a diamond necklace, bangle, earrings and ring. The item drew 72 bids before selling for S$125,000.
At the lower end of the price scale, a pair of children’s gold rings and a diamond solitaire ring each sold for S$750.
Hotlotz said bids placed within the final five minutes of an auction automatically extend the closing time by five minutes, resulting in several lots remaining open beyond their scheduled closing times. A 20 per cent buyer’s premium is added to all successful bids.
The jewellery auction followed an earlier sale of luxury handbags and accessories that concluded on Sept 20, attracting more than S$1.1 million in bids. A limited-edition Louis Vuitton pumpkin bag was the top-performing item in that auction, selling for S$87,000 after receiving 81 bids.
The auctions form part of a broader disposal exercise involving more than 1,000 luxury items forfeited in connection with the money laundering scandal. The sales are being overseen by Deloitte, which was appointed by Singapore police in 2025 to manage and liquidate the seized assets. Proceeds from the sales will be channelled into the government’s Consolidated Fund.
The money laundering case came to light following islandwide raids in August 2023 that led to the arrest of 10 foreign nationals linked to proceeds from scams and illegal online gambling operations.
Further auctions are scheduled to begin on Nov 9 as part of 15 sales planned through May 2027.
