Duterte Allows Auction of Seized Marcos Jewelry Worth Millions
Rodrigo Duterte, the Philippines’ president, speaks at the Future of Asia conference in Tokyo, Japan. (Photographer: Akio Kon/Bloomberg)

Duterte Allows Auction of Seized Marcos Jewelry Worth Millions

(Bloomberg) -- A rare 25-carat diamond and gem-studded tiaras are among the millions of dollars worth of seized Marcos jewelry that are set to be auctioned off by the Philippine government.

President Rodrigo Duterte has given his go signal for the auction of three jewelry sets recovered from the family and associates of the the late dictator Ferdinand Marcos, Executive Secretary Salvador Medialdea said Tuesday. The jewelry collections -- estimated to be worth $19 million when they were last appraised in 2015 -- have been stored in the central bank’s vaults for three decades.

Duterte Allows Auction of Seized Marcos Jewelry Worth Millions

“The Office of the President interposes no objections to the proposed activities relative to the disposal of the Marcos jewelry collection, subject to the compliance with existing laws,” Medialdea said in a statement.

Duterte Allows Auction of Seized Marcos Jewelry Worth Millions

The auction was proposed to Duterte eight months ago by the commission chasing Marcos’s stolen wealth, estimated to total up to $10 billion. Anyone, including the Marcoses, can bid for the jewelry sets, presidential spokesman Salvador Panelo said on Monday.

Duterte has said that Marcos’ daughter Imee helped fund his campaign, and that he is willing to resign should the late dictator’s son, Bongbong, win an election protest and become his vice president. The Philippine leader has also allowed a hero’s burial for Marcos.

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