Hermes bracelet a star attraction in auction of items from Singapore money‑laundering case

SINGAPORE, 28 SEPTEMBER 2026 —

SINGAPORE, Sept 28 — A diamond-studded Hermes "Kelly" bracelet featuring 263 diamonds weighing a total of 30.31 carats emerged as the star attraction in the second online auction of luxury assets seized in Singapore’s S$3 billion (RM9.6 billion) money laundering case, selling for a record S$360,000.

The auction, conducted by local auction house Hotlotz, featured 286 pieces of fine jewellery linked to assets forfeited in the sprawling case. As the sale closed, total bids for the hundreds of jewellery pieces reached approximately S$5 million. This latest disposal exercise highlights the scale of illicit wealth that has been intercepted and the rigorous process by which authorities are liquidating these assets to recover funds for the state.

For regional markets, the event serves as a tangible indicator of the ongoing crackdown on transnational financial crimes and the sophisticated mechanisms used to trace and monetize seized luxury goods.

Diamonds dominated the sale, with winning bids ranging from a low of S$750 to the high of S$360,000. The Hermes bracelet, which featured the substantial 30.31-carat diamond cluster, attracted intense last-minute bidding that drove the price higher than initial estimates. The second-highest bid of the session went to a 15.02-carat fancy yellow diamond ring, which sold for S$230,000.

These top-tier results demonstrate that despite the illicit origins of the items, the global market for fine jewelry remains, with collectors and investors willing to pay premium prices for rare and high-quality stones.

Among the most popular lots in the auction was a Dior jewellery set comprising a diamond necklace, bangle, earrings, and ring. The item drew 72 bids before finally selling for S$125,000, reflecting strong interest in designer brands with a heritage of luxury craftsmanship.

At the lower end of the price scale, the auction included more accessible items, such as a pair of children’s gold rings and a diamond solitaire ring, each of which sold for S$750. This wide range of pricing indicates that the auction attracted a diverse group of bidders, from high-net-worth individuals seeking investment-grade pieces to casual buyers looking for entry-level luxury items.

Hotlotz explained that bids placed within the final five minutes of an auction automatically extend the closing time by five minutes, a mechanism designed to prevent sniping and ensure fair competition. This rule resulted in several lots remaining open beyond their scheduled closing times, adding to the drama of the final moments of the sale.

Additionally, a 20 per cent buyer’s premium is added to all successful bids, a standard practice in the auction industry that contributes to the final revenue generated from the disposal of the seized assets.

This jewellery auction followed an earlier sale of luxury handbags and accessories that concluded on Sept 20. That previous auction attracted more than S$1.1 million in bids, with a limited-edition Louis Vuitton pumpkin bag emerging as the top-performing item. The bag sold for S$87,000 after receiving 81 bids, further illustrating the sustained interest in luxury goods from the case.

The sequential nature of these sales allows for a phased approach to liquidating the vast inventory of seized items, ensuring that each category of asset is marketed to the most relevant audience.

The auctions form part of a broader disposal exercise involving more than 1,000 luxury items forfeited in connection with the money laundering scandal. The sales are being overseen by Deloitte, which was appointed by Singapore police in 2025 to manage and liquidate the seized assets. The appointment of a major professional services firm to handle the liquidation shows the complexity and scale of the case, requiring specialized expertise in asset management and disposal.

Proceeds from all sales will be channelled into the government’s Consolidated Fund, ensuring that the financial gains from the illicit activities are returned to the public purse.

The money laundering case came to light following islandwide raids in August 2023 that led to the arrest of 10 foreign nationals. These individuals were linked to proceeds from scams and illegal online gambling operations, highlighting the intersection of cybercrime and traditional financial crimes. The scale of the S$3 billion case has made it a landmark investigation in Singapore, drawing attention to the methods used by criminal networks to launder money through high-value assets.

The subsequent seizure and auction of these items serve as a deterrent to potential offenders and a demonstration of the authorities’ commitment to dismantling such networks.

Further auctions are scheduled to begin on Nov 9 as part of 15 sales planned through May 2027. This extended timeline reflects the sheer volume of assets that need to be processed and sold, as well as the need to maximize the value of each item through careful marketing and timing.

The prolonged disposal process will keep the case in the public eye for several years, with each new auction providing updates on the recovery of funds. For the Malaysian and regional audience, this ongoing process offers a window into the cross-border nature of financial crimes and the collaborative efforts required to combat them.

The significance of these auctions extends beyond the immediate financial recovery. They represent a broader trend in global law enforcement to target the assets of criminals, not just their freedom. By seizing and selling luxury goods, authorities are stripping away the tangible benefits of illegal activities, thereby undermining the economic incentives for such crimes.

The involvement of reputable auction houses and professional firms in this process lends legitimacy and transparency to the disposal, ensuring that the assets are sold at fair market value. This approach is increasingly being adopted in other jurisdictions as well, signaling a shift in how financial crimes are prosecuted and resolved.

As the next phase of the auctions approaches, attention will turn to the remaining categories of luxury items, which may include watches, art, and other high-value goods. The success of the jewellery and handbag sales sets a high benchmark for the upcoming events, with bidders likely to remain engaged given the proven quality and rarity of the items.

The case continues to serve as a critical test of Singapore’s ability to manage complex financial crimes and to recover assets effectively. With the proceeds flowing into the Consolidated Fund, the ultimate beneficiaries of this process are the citizens of Singapore, who see a direct return on the public resources invested in the investigation and prosecution of the case.

The story of the Hermes bracelet and the other seized items is not just about luxury goods, but about justice, accountability, and the rule of law in action.

Related: Hotlotz · Singapore