Diamond engagement ring included in Madoff auction
Thursday, October 21st, 2010
An auction of items that once belonged to convicted fraudster Bernie Madoff includes a 10.5-carat diamond ring.
A diamond engagement ring is among the items that once belonged to Bernie Madoff and his wife Ruth that are due to go up for auction in New York.
Over 400 items seized from the convicted fraudster's homes are to go under the hammer next month after the first auction, held last year, raised more than double the $500,000 (£316,616) target.
A spokesman for the US Marshals Service, which is organising the event, said the ring – which is believed to have belonged to Ruth Madoff – is 10.5 carats.
Also going under the hammer is a Steinway grand piano, a desk and a pair of velvet slippers embroidered with Madoff's initials.
The sale is due to take place on November 13th and the diamond may attract interest from investors, after head of the jewellery department at Christie's in New York Rahul Kadakia explained to Reuters many are turning to precious stones in a bid to protect their assets during the current economic uncertainty.
