Bids begin closing for jewellery seized from Fujian gang; yellow diamond ring attracts $230k offer
The second tranche of items put on auction comprised 286 pieces of fine jewellery.
In Singapore, the second online auction for 286 pieces of fine jewellery seized in a landmark $3 billion money laundering case commenced on September 27, concluding shortly after 4pm. The auction, being hosted by Hotlotz, saw bids ranging from $700 to a notable $230,000 for a 15.02-carat "fancy yellow" diamond ring. This ring was closely followed by a $220,000 bid for a Hermes bracelet encrusted with 263 diamonds totaling 30.31 carats.
Conversely, the cheapest item, a gold ring with a heart and initials 'WQ' believed to be Wu Qin, the wife of convicted money launderer Su Haijin, started at $700. As the auction was winding down, bids were being placed even within the final five minutes, which extended the bidding period by an additional five minutes. Bidding officially closed at 4pm, with the remaining items scheduled to conclude their auction around 8pm.
Auction house Hotlotz imposes a buyer's premium of 20% on top of the final bid. This is the second tranche of auctions following a previous one on September 7 that encompassed 337 luxury items including handbags and accessories, which generated over $1.1 million in bids. The highest bid came from a limited-edition Louis Vuitton pumpkin bag, with 81 bids pushing its final price to $87,000.
The subsequent round of auctions will commence on November 9 as part of 15 sales scheduled to run through May 2027. Beyond the luxury goods, properties linked to the money laundering suspects have also been auctioned. On September 23, four luxury apartments at Wallich Residence and Martin Modern were sold, while 15 properties failed to meet reserve prices or attract bids, including a 42nd-floor penthouse at South Beach Residences with a guide price of $25.3 million.
Altogether, more than 1,000 luxury items forfeited in relation to the case are being auctioned. These sales, overseen by professional services firm Deloitte appointed by the police in 2025 to manage and liquidate the seized assets, are directed towards the Consolidated Fund, serving as the Government's central bank account.
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