Seized Jewels Go Under The Hammer

Published on 24/03/09

An auction of gemstones seized during a police raid raised tens of thousands of dollars.

The New York treasury department sold the 605 loose diamonds at the New Yorker hotel, with the collective proceeds reaching $750,000 (£508,000).

Jewels which had been found by the authorities during a 2003 raid of Manhattan's Diamond District were the centrepiece of the auction.

Individual stones, which are traditionally found in items such as gold diamond rings and diamond drop earrings, fetched anything from $4,000 to in excess of $10,000 as bidders clambered for a bargain.

Proceeds of the sale will go to the Internal Revenue Service's criminal investigations division through the US Department of the Treasury's Asset Forfeiture Fund.

In other gemstone news, Amii Grove, former finance of Liverpool footballer Jermaine Pennant, has put her engagement band up-for-sale on eBay, with the bidding for the £32,000 platinum diamond ring currently at more than £20,000.