Appraisal of Marcos jewelry collection

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Metro Manila (CNN Philippines) — Tiaras and necklaces bedazzled with various types of gems, pearls, rubies, sapphires, and diamonds.

Experts from international auction house Sotheby's are reevaluating the value of these pieces of jewelry from the Hawaii and Malacañan collections confiscated from the Marcos family in 1986.

The worth of some of the pieces have really gone up.

A Cartier tiara previously valued at S20,000 to $50,000 or P860,000 to around P2 million can now fetch a price five or even 10 times higher, according to experts.

"Most of it is very high quality and good manufacture with a variety of different gemstones, " said Sotheby's Brett O'Connor.

He added, "I think it bodes very favorably. It's a very wide and varied collection so there's no reason to believe that it wouldn't do well at auction."

The Hawaii collection includes a 25-carat pink diamond – about the size of a grape – which could be worth at least $5 million.

U.S. Customs seized these jewels from the Marcoses and are now under the custody of the Presidential Commission on Good Government (PCGG).

The PCGG wants the 300-piece collection to be auctioned off before President Benigno Aquino III steps down next year.

The agency said the move had nothing to do with politics particularly the vice-presidential bid of Sen. Ferdinand "Bongbong" Marcos Jr. in the 2016 polls.

PCGG Commissioner Andrew De Castro explained the process might take even longer when new officials are appointed to the Commission.

He said, "We're just exercising our mandate. In fact, more for us that it's been such a long time so maybe we should hurry it up. Plans for this were made even before Senator Marcos declared his intention to run. It just so happened na he decided to run for vice president. So it has nothing to do with that."

The PCGG, however, does not have a definite timeline on the possible auction of the collection. Before anything, it needs to get approval for the sale from the Privatization Council headed by the Finance Department.

De Castro said, "Ang hirap mag-commit kasi, as you know, election year next year so we have how many more months left... Baka lalo pa kaming i-accuse na we're politicizing it kung may mangyari around that time."

The reappraisal is done inside a room at the Bangko Sentral ng Pilipinas (BSP). Security is very tight and only Philippine authorities and the international jewelers are allowed inside the room.

After the jewels are reappraised, that are repackaged and put back inside a vault at the BSP where they have been stored for the past 30 years.

Experts said it may take two to three weeks before they can come up with a valuation for the pieces.