Hermes diamond bracelet draws $282K bid at Singapore’s biggest money laundering case auction

A Hermes diamond bracelet, adorned with 263 sparkling gems totaling 30.31 carats, emerged as the headline item at Singapore's largest money laundering case auction, drawing a bid of SGD282,000, according to The Straits Times. The auction, organized by Hotlotz, generated an impressive SGD5 million in bids for the confiscated valuables, which originated from the country's largest money laundering case, involving a vast network of individuals and shell companies linked to illicit online gambling and scams. The case came to light after a series of raids in August 2023 that apprehended 10 foreigners.

The auction showcased a plethora of lavish items, with the 15.02-carat fancy yellow diamond ring commanding the second-highest price at SGD230,000. More modestly priced, children's gold rings and a single diamond solitaire each fetched SGD750. A Dior jewelry ensemble, including a necklace, bracelet, earrings, and ring, garnered the most bids, amassing 72 offers before selling for SGD125,000.

Earlier this month, SGD1.1 million in bids were tendered for items associated with the criminal case. Among the most sought-after pieces, a limited-edition Louis Vuitton pumpkin bag attracted 81 bids and ultimately sold for SGD87,000.

The auction series is set to continue, with subsequent sales slated to commence on November 9 and extend through May 2027. In addition to the diamond bracelet, properties linked to the money launderers were also offered for sale. Notably, four luxury apartments at Wallich Residence and Martin Modern were auctioned on September 23, with 15 other properties withdrawn due to insufficient bids or failure to meet reserve prices.

Among the withdrawn properties, a 42nd-floor penthouse at South Beach Residences, boasting a guide price of SGD25.3 million, was the most expensive to be withdrawn.