Mexico will auction jewelry and watches formerly owned by drug lords

21/07/2019
|
13:22
|
Newsroom
Mexico will auction jewelry and watches formerly owned by drug lords
A lot of the pieces are made of gold and diamonds - Photo: Taken from the SAE's website

Mexico will auction jewelry and watches formerly owned by drug lords

21/07/2019
13:22
Newsroom
Mexico City
Alberto Morales, Misael Zavala, Paola Jiménez
-A +A
The 148 jewelry lots have an initial price of MXN $21.8 million

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From July 21 to July 28, the government will display the jewelry and watches formerly owned by drug lords, criminals, and smugglers at Los Pinos. The jewelry will be auctioned and the resources will be allocated to build roads in the mountain of Michoacán, a state that has been severely affected by violence and crime.

Ricardo Rodríguez, the head of the Institute to Return What Was Stolen to the People, also known as SAE, said that they hope to obtain at least MXN $21.8 million during this auction but that it is very likely that the government makes between MXN $30 and MXN $35 million because the jewelry is priced well under its market value.

Rodríguez explained that the 148 jewelry lots have an initial price of MXN $21.8 million.

Among the most extravagant pieces are white gold Piaget watch with an initial price of MXN $3 million; a limited edition Jacob & Co watch with an initial price of MXN $1,200,000; an Oyster Perpetual Date Yacht-Master Rolex watch worth at least MXN $51,000; a Hublot watch at a starting price of MXN $165,000.

The auction will also include other jewelry pieces, including necklaces, earrings, bracelets, cuff links, and other pieces, including a white gold bracelet featuring intertwined crocodiles, worth at least MXN $50,000.

Other jewelry pieces include a pair of gold cuff links, a white gold bracelet with 90 rubies, diamond earrings, and more.

Drug lords, smugglers, and criminals seem to favor brands such as Rolex, Piaget, Hublot, Cartier, Gucci, Chopard, Patek Philippe, Harry Winston, Corum, Mido, as well as many custom-made pieces.

You can find the catalog here.
 

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