World's biggest uncut diamond sells for $53-M

British jeweler Graff said Tuesday it has purchased the world's largest uncut diamond –roughly the size of a tennis ball –for $53 million (44.5 million euros).

Canadian miner Lucara Diamond sold to Graff the 1,109-carat gem, the Lesedi La Rona, which was found in Botswana's Karowe mine in late 2015.

"We are thrilled and honoured to become the new custodians of this incredible diamond," said company chairman, Laurence Graff, in a statement.

"The stone will tell us its story, it will dictate how it wants to be cut, and we will take the utmost care to respect its exceptional properties."

Lucara confirmed the hefty price tag in a statement issued in Vancouver.

"The discovery of the Lesedi La Rona was a company defining event for Lucara," said William Lamb, president and chief executive of Lucara.

"It solidified the amazing potential and rareness of the diamonds recovered at the Karowe mine."

The rough diamond had previously failed to meet its reserve price of more than $70 million at a Sotheby's auction in 2016.

Graff is already the owner of a 373-carat diamond, which was bought earlier this year and formed part of the original stone.

Lesedi La Rona means "our light" in Botswana's Tswana language. It could be cut into smaller gems for jewelry or left whole in a private collection.

source: news.abs-cbn.com

Are pearls the next big jewelry statement?

In a myriad of diamond jewels and crystal accessories, there is something undoubtedly elegant about pearls. Simple, pristine and rarely obscene in excess, pearls are a timeless piece of jewelry that carries a myth of its own.

Once upon a time, they were the ultimate treasure from exotic lands in the Oriental trade, and worn only by the aristocratic ladies of the court.

These days, pearls have sort of been eclipsed by the dominance of gems in the jewel trade; but perhaps, a comeback is in the near future, as diamond sellers woe the slumping sales from younger markets.

No longer dubbed as an old-school costume piece, pearls are back in fashion, and could be the next jewelry statement across all markets. If you feel like taking a sampler of different pearls across continents, here’s our quick list of pearl offerings:

1. Mikimoto

Hailed as the pioneer for cultured pearls, Mikimoto is a luxury powerhouse for some of the most decadent, and even perfect set of pearls. 

source: news.abs-cbn.com

SC affirms forfeiture of Marcoses' Malacañang jewelry collection

MANILA- The Supreme Court has affirmed a Sandiganbayan ruling in June 2014 in favor of the forfeiture of the so-called Malacañang Jewelry collection (Malacañang Collection) of the Marcos family.

In a 21-page decision dated January 18, 2016, penned by Chief Justice Maria Lourdes Sereno, the high court ruled that it found "no reversible error in the ruling of the Sandiganbayan" over the seized jewelry collection, one of three forfeited collections, seized from the presidential palace after the 1986 People Power Revolution, and transferred to the Central Bank on March 1, 1986.

The anti-graft court issued a Partial Summary Judgment on January 13, 2014 and a resolution for the forfeiture of the collection on June 11, 2014, through a Special Division.

The high court said the Sandiganbayan was correct to grant the forfeiture in favor of government.

"[T]he Sandiganbayan correctly held that the forfeiture was justified and that the Malacañang Collection was subject to forfeiture.

"We reiterate what we have already stated in Republic vs Sandiganbayan, and subsequently in Marcos vs Republic, that 'whenever ang public officer or employee has acquired during his incumbency an amount of property which is manifestly out of proportion to his salary.... said property shall be presumed prima facie to be unlawfully acquired," the SC said.

Based on a 1991 valuation of auction house Christie, Manson and Woods Intl., Inc., the subject collection was US $110,055 to US $153,089.

source: news.abs-cbn.com

Gov't OKs sale of multi-million Marcos jewelry collection

The privatization and management office has approved the sale of a controversial Marcos jewelry collection.

Finance Undersecretary Gil Beltran, chair of the Private Management Office said the sale of the so-called Hawaii collection will proceed as planned after the Marcos family voluntarily relinquished ownership of the jewelry set.

Beltran said proceeds from the sale will go to the Bureau of Treasury and Presidential Commission on Good Government.

The Hawaii collection includes a rare 25-carat barrel-shaped pink diamond, and was among those appraised by Christie's and rival Sotheby's in November last year.

It could be recalled that the pink diamond was initially valued at $5 million.

"Some of the pieces are so important, so magnificent. There's a very wide variety of pieces - antique to modern, which is again what you would see in a current day royal collection - things that fit every occasion. So if you put me in there to value the jewelry and I had no knowledge of where it came from, I would say this feels like a royal collection," David Warren, director of jewelry at London-based Christie's, had said in the November report.

source: www.abs-cbnnews.com

Sotheby's appraises Imelda Marcos' rare pink diamond

A rare barrel-shaped pink diamond was among the items in Imelda Marcos's jewelry collection appraised by Sotheby's on Friday in Manila.

A jewellery specialist from Sotheby's, Brett O'Connor, said the pieces, made of gem stones like diamonds, rubies and emeralds, were of high quality and good manufacture. Some appeared to be custom-made, while others were from a jeweller's stock, he said.

Manila may decide to auction the collections after the two leading auction houses -- Christie's and Sotheby's -- appraise three sets of jewellery confiscated from the Marcoses almost three decades ago.

"I think it bodes very favourably. It's a very wide and varied collection. So there's no reason to believe that it wouldn't do well at auction," O'Connor said, while refusing to disclose the recent valuation of the collections.

In 1991, the jewellery collections were valued at $6-8 million. O'Connor said some of the valuations may have increased or decreased based on fashion trends, colour and price of diamonds.

The collection appraised on Friday was seized in Hawaii, where the Marcos family was exiled.

Among the jewels was an pink diamond 24mm (15/16 inch) in diameter.

"Pink diamonds are always rare, rarer than white diamonds. The rarest is red, and then blue and green, and then pink, and then yellow, and then white. Yes, it's a rare thing, and it's a very large size, and it's a lovely old stone," O'Connor said.

Other items included a Cartier tiara, and full necklace-ring-earrings sets encrusted with precious stones like rubies, sapphires and emeralds.

The government tried to auction the jewellery in 2005, but the former beauty queen contested the move, claiming ownership of two of the collections -- one found in the presidential palace after the family's hasty departure in 1986 and the one confiscated in Hawaii.


Marcos, an elected member of Congress and best known for leaving behind more than 1,200 pairs of shoes when her family fled in 1986, has vowed to recover the family's seized assets. The government also confiscated a collection of paintings including Monets and a Picasso and is hunting for 200 missing art works.

Proceeds from a possible auction could go to human rights victims claiming compensation who filed cases against abuse under the Marcos regime, the Presidential Commission on Good Government said.

"I guess in a way it can be some sort of justice. Of course, it can never compensate what has happened to them (human rights victims). But one way or another, after 30 years, slowly, we're getting back what was taken from us."

Imelda's husband, Ferdinand, was president for nearly two decades, before he was ousted in an army-backed uprising in 1986. The dictator, who died in exile in 1989, was accused of amassing more than $10 billion while in office. The family denies their wealth was ill-gotten.

The government allowed the press to see and film some of the 750 pieces of the three collections, which were kept in a vault at the central bank.

Christie's and Sotheby's were invited by the Philippine government, and carried out the appraisal free of charge.

source: www.abs-cbnnews.com

World's top auction houses set to appraise Marcos jewelry

Representatives from the world's largest auction house are in Manila to appraise three sets of Marcos jewels which are stored at the Bangko Sentral ng Pilipinas (BSP).

Christie's and Sotheby's are set to appraise the jewels including the Malacañang collection, which was abandoned when the Marcoses fled the Palace; the Hawaii collection, seized by the US Bureau of Customs upon the Marcoses' arrival in Hawaii in 1986; and the Roumeliotes collection that Demetriou Roumeliotes attempted to smuggle out of the country after the ouster of the late dictator Ferdinand Marcos.

A 1991 assessment valued the three jewelry collections at 5 to 7 million dollars.

Presidential Commission on Good Government (PCGG) Chair Richard Amurao said the appraisal is a significant step in determining the jewels' current value, which will also open the way for determining a final resolution on the assets.

- ANC, Market Edge, November 24, 2015

source: www.abs-cbnnews.com

Shopping shorts: New items from Pandora, Havaianas, Nivea

MANILA – Here are some announcements that may make shopping lovers happy.

These are not endorsed by ABS-CBNnews.com.

Pandora to launch Spring ’14 collection

Jewelry brand Pandora is set to launch on March 13 its Spring ’14 collection, which features intricate pieces in pastel shades of lavender, pink, purple and blue.

The new collection includes figures such as silver dangle butterflies with cubic zirconia, silver daisies with black enamel, and butterfly charms with Murano glass.

Founded in 1982 and headquartered in Copenhagen, Denmark, Pandora is known for high-quality and hand-finished jewelry at affordable prices.

The brand’s Manila branches are located at Adora Greenbelt 5, Glorietta 4, Bonifacio High Street Central, Newport Mall at Resorts World Manila, The Podium, Shangri-La Plaza East Wing, Megamall Building D, Elemento in Aura Mall, and Century City Mall.

Havaianas unveils Neon collection

Havaianas recently introduced flip-flops in bright, vivid colors which are part of the brand’s aptly named Neon collection.

 

Aimed at adding “that extra oomph” to a person’s look, the collection features flip-flops in Havaianas’ Top, Slim, Slim Lace and Slim Graphic styles.

The items are sold at All Flip-Flops stores nationwide.

Nivea combines sunscreen, tanning lotion

Skin and body care brand Nivea kicked off summer by introducing a new product – a sunscreen that promises an even, natural tan.

Called Nivea Sun Protect and Bronze, the product is said to work with the skin’s natural tanning process by stimulating melanin production while caring for the skin with UV protection.

“This is the first ever sunscreen in the market that can stimulate the skin’s natural tanning process and at the same time enhance its built-in protective mechanism because of melanin production. And we couldn’t be any more proud with this breakthrough,” said Alex Schwieger, Nivea Philippines’ country manager.

Nivea Sun Protect and Bronze is said to be equipped with special UV filters and provide instant protection against harmful UVA and UVB radiation, and contains no artificial colorants or bronzing agents.

The product is priced at P599 for a 200-ml bottle and is available in department stores, drug stores and supermarkets.

source: www.abs-cbnnews.com

Imelda's Malacanang jewelry collection owned by gov't - court

MANILA - The Sandiganbayan has forfeited in favor of the government one of three Imelda Marcos jewelry collections called the Malacanang Collection.

The Sandiganbayan special first division said it was part of the Marcos ill-gotten wealth. A 33-page decision was penned by Associate Justice Efren de la Cruz.

The Malacanang Collection is the smallest collection compared to the Roumeliotes and Hawaii Collections. In a 1991 appraisal, the pieces were estimated to be worth $110,055 and $153,089.

The Roumeliotes Collection is composed of 60 pieces of extravagant jewelry and gemstones.

The Hawaii Collection, meanwhile, is the jewelry confiscated from the Marcoses when they arrived at the Honolulu International Airport after leaving the country during the People Power.

source: www.abs-cbnnews.com

Fast jewelry? China's biggest jeweler eyes mass market

HONG KONG - The world's most valuable jewelry retailer Chow Tai Fook, which counts Cartier and Tiffany & Co as competitors, is on a quest to conquer the hearts of China's future big spenders. Its weapons of choice: Hello Kitty and Winnie the Pooh.

Superman and the Angry Birds team also feature in Chow Tai Fook Jewellery Group's range of fashionable, and affordable, pieces which the company hopes will win over the millions of Chinese who live outside major cities but who are reaping the benefits of a rapidly growing economy and who remain enamored by the gleam of gold.

"We are quite similar to the fast fashion way of business in that our products are only available for a limited period of time," Kent Wong, managing director of Chow Tai Fook, told Reuters.

"The stock-keeping units will have to respond promptly to the fast-changing tastes of customers, especially young customers, who can share information about trends very quickly on their smartphones," he added.

China, the world's second largest economy, is on track to overtake India as the world's biggest consumer of gold this year as falling prices encourage purchases for both personal use and investment.

Combine that penchant for gold with a population that is rapidly urbanizing, and becoming more affluent and trend-conscious in the process, and building customer loyalty as well as keeping up with fashion becomes key to the prospects of jewelry retailers.

About 100 million people are likely to move into cities over the next 17 years, according to ratings agency Moody's. China is already the second largest market for Zara-brand owner Inditex , the world's biggest fashion retailer.

"Just like fast fashion, fast jewelery is the right stuff to target at the youth and the products can also sell at a better margin when they are limited edition," said Renee Tai, a Hong-Kong based analyst at brokerage UOB-Kay Hian.

GOLD FOR THE MASSES

Chow Tai Fook's fashion jewelry, which costs between HK$200 and HK$2,000 ($26 and $260), is a far cry from the luxury offerings that have traditionally accounted for over 80 percent of sales, and which on average cost about 10 times as much.

But the shift to expand mass-market retail is already paying off. Chow Tai Fook saw its net profit rise by a forecast-beating 92.3 percent in the six months ended September, with same-store sales growing 33.2 percent.

Chow Tai Fook, which has a market value of nearly $16 billion, is not alone in targeting the masses.

Smaller rival Luk Fook Holdings International, with a market value of $2.4 billion, is looking at opening stores in busy railway stations to expand its reach in China and raise its profile in less developed cities and the vast hinterland.

Building brand loyalty also makes good business sense.

Repeat purchases by Chow Tai Fook's Hong Kong members contributed almost 17 percent to total revenue in Hong Kong and Macau for the six months ended September, while those from its China members made up nearly one-quarter of total sales in the mainland, company data shows.

"We are seeing a significant surge in retailers investing in loyalty programs in order to increase consumers' loyalty as it's getting harder and harder for retailers to drive growth by purely relying on their quick pace of expansion," said Brian Negley, vice president of consumer research firm Nielsen China.

IMAGE CONSCIOUS

But as it pushes into rapidly changing jewelry, Chow Tai Fook faces the challenge of retaining its reputation for exclusive, luxury items while also appealing to the masses.

The company, founded in 1929, aims to achieve this by selling some of its fast jewelry products online, where most customers are aged between 20 and 35.

Chow Tai Fook also maintains three distinct store layouts that cater to its clients - the high-end luxury consumers, the youth and the mass market, managing director Wong said.

Analysts say focusing on the younger generation is key.

"The company has to ensure this group of people gets familiar with the brand and they won't feel your products are out of date," said UOB-Kay Hian analyst Tai.

"They have to groom a new group of customers to support the brand and products."

source: www.abs-cbnnews.com

Looking for a new investment? Try jewelry

MANILA, Philippines - Jewelry as your investment? Its glitter, portability, and tangibility have made it an easy choice among those looking for investment vehicles for many years now.

Women, in particular, are attracted to the thought that a fashion accessory or a family heirloom can be an investment piece as well. The surge in gold prices in recent years has also led many to consider investments in gold jewelry.

Despite the wide acceptance of jewelry as a form of investment—bolstered by traditions where people use jewelry as a currency or wedding dowry—financial advisors urge caution in investing in jewelry. In fact, jewelry specialists advise people not to buy jewelry because they are investment pieces, but because they like these in the first place.

While jewelry is regarded as a safe store of value, experts point out that one needs a long investment horizon when dealing in valuable pieces of jewelry. Unlike other investment vehicles with quicker turnaround times, one cannot expect to make a fortune quickly by buying and selling jewelry.

The price of jewelry is also affected by a number of factors such as the price of gemstones and commodities, market preferences, quality and workmanship, among others.

“Buying important jewelry is not like investing in shares in the stock market. Jewelry and gemstones inspire emotions and are usually associated with special moments and events in people lives. Acquiring important jewelry, under professional guidance, allows the buyer to enjoy the object of desire while keeping an eye on investing, but it is definitely not a short term investment vehicle,” says Karen Cua-Lerma, president of Salcedo Auctions, an auction house that specializes in the sale of fine art, jewelry, decorative arts and collectible accessories by local and international artists and artisans.

Most luxury consumer products such as cars, gadgets and personal accessories, including commercialized jewelry pieces, drop in value the moment one walks out of the shop with them. On the other hand, important diamonds and gemstones keep their value. Not only are they durable, they are also one of the most concentrated form value known to man in terms of physical size, she adds.

However, not all types of jewelry increase in value at the same rate. While a perfect diamond can appreciate in value, a clunky, uninspired piece might not. Therefore, it is necessary to carefully study the factors that will determine whether your jewelry will keep its value or turn out to be a mere expensive adornment.

If you want to invest in jewelry, remember that it should be just one part of your financial portfolio, which should ideally be a balanced mix of long-term and short-term investments vehicles chosen to meet your security and wealth preservation goals. Investing in jewelry may be a diversification strategy to complement your investments in traditional vehicles that are more liquid and have a shorter investment horizon. However, it should not be your only investment vehicle.

Choosing the right pieces of jewelry to invest in is key. The source of the jewelry is critical. For those who would like to invest in jewelry, it is important to buy from a professional and trustworthy source. “ There are many sellers of jewelry but only a selection are knowledgeable and will offer you good value for money,” says Ms. Lerma.

Some things to remember before you start shopping:

To ensure the authenticity of diamonds and other gemstones you might purchase, request for a certificate from an internationally recognized gemological institute or laboratory.

Look at the workmanship and the quality of the gemstones, as these have a definite effect on the piece’s appreciation potential

Another element that may add to the value of jewelry include the name or the designer behind it. Vintage and period pieces of good quality may also fetch good prices.

Pieces by contemporary artists may have the potential to appreciate in value. If you find someone you really like, start to buy his or her work early on in the designer’s career.

Significant stones – for example, a diamond more than five carats in size – also have the potential to increase dramatically in value.

For guidance on the pricing of jewelry, approach reputable sources who can determine the approximate value of a jewelry piece based on its quality and rarity.

Similarly, if you are selling some pieces you might have inherited, and you need a buyer, you need a trusted source for buyers. Do your homework and contact reputable jewelers as well as auction houses to help you make an informed decision.

source: www.abs-cbnnews.com

Why Chinese brides prefer diamonds to gold

SHANGHAI - Under a black-and-white framed photo of the New York skyline, a bottle of Moet & Chandon champagne cools in the private bridal salon at Tiffany & Co's flagship Shanghai store, while white roses and love poems set the mood for China's Romeo to pop the question to his Juliet.

The room, dotted with splashes of the jeweler's iconic eggshell blue, has been busy of late, as young Chinese, drawn by the allure of diamonds, increasingly choose the sparkling gems over traditional gold baubles to mark their marriage vows.

China's diamond market, now the world's second largest after the United States, has more than tripled to $22.8 billion over the last five years, according to data from market research firm Euromonitor, steadily gobbling up market share from gold and far outstripping the growth rate in China's 465 billion yuan ($76 billion) jewelry sector.

"(In China) we now have more and more young people making their declarations and proposal ceremonies within our bridal rooms," said Stephane Lafay, Tiffany's head of Asia Pacific and Japan, who said couples were attracted to the romantic image of the jeweler's well-known "little blue box".

At the centre of the trend are China's 13 million brides each year, who are increasingly demanding diamonds.

"All along, my husband and I always thought that we would buy a diamond ring, so it never crossed my mind he might not. I think I'd have been pretty cross if he hadn't," said Zhou Lijuan, 27, an accountant in a state-owned company in Shanghai, with a 50,000 yuan ($8,200) diamond ring.

To be sure, gold is still hugely popular in China, both as jewelry and as an investment. The World Gold Council said earlier this year that China was set to challenge India's position as the world's top gold consumer, with 2013 demand soaring more than 20 percent to 1,000 tonnes.

But diamonds have steadily increased as a share of China's overall jewelry market, accounting for just under one third now from one quarter five years ago, according to Euromonitor. This has propelled Greater China, including Hong Kong, to the second largest diamond jewelry market after the United States, according to Bain & Co, and along with India, it is expected to be the main driver of growth for the $72 billion global market.

The appeal of diamonds, long linked with wedding bells in Europe and America, hasn't always been so strong in China, where the bride-to-be's family was often responsible for supplying a gold-based dowry of rings, bracelets and other trinkets.

"In my mum's generation, women were really just interested in gold. The woman's family would prepare a gold bracelet themselves, and the man's side would arrange a golden betrothal gift," added Zhou, who got married in 2012.

But tastes are changing.

China's modern consumers have much more exposure to Western culture than their parents, including books, films and television that often involve heroines or romantic leads receiving or wearing a diamond ring.

"Western films have a kind of 'bridge' effect, so when Chandler buys a diamond ring for Monica in 'Friends', it really left a deep impression," said Lily Cai, 30, a civil servant in Shanghai, referring to the hit U.S. television series.

"A diamond ring is a symbol of love, and the larger the diamond the deeper the love," she added. She now has a diamond ring from Chinese jewelers Chow Tai Fook Jewellery Group Ltd which cost 43,000 yuan.

SPARKLING ATTRACTION

The sparkle of China's diamond industry has tempted jewelers, miners and dealers alike.

Global auction house Sotheby's is set to offer a huge white diamond in Hong Kong at the start of October, which would be the most expensive white diamond ever sold at auction if it hits its $28 million lower pre-sale target.

"From 2006 until now we've seen a threefold increase, close to 200 percent, of Asian buyers purchasing jewelry worldwide. What they've really focused on, of course, is diamonds," said Patti Wong, chairman of Sotheby's Asia, who added Chinese buyers were showing increasing confidence about snapping up the most expensive gems.

De Beers, the largest diamond producer by value and majority-owned by miner Anglo American Plc, sees China as driving growth over the next four years. It has five diamond-focused outlets in China with more set to open this year.

The incentive is clear. Tiffany's Lafay said over the last 20 years, the number of people buying diamond engagement rings has risen from less than 1 percent to more than 50 percent in urban China. More than half of the country's 1.3 billion population now live in cities.

Even traditionally gold-focused jewelers, such as China's Chow Tai Fook, are looking to up exposure to diamonds. The world's biggest jewelry retailer by market value, it recently struck a deal with Russian miner AK Alrosa OAO to ensure its diamond supply.

"Mainland Chinese are becoming more westernised, so they tend to select diamond rings for their engagement proposal and wedding," said Chow Tai Fook's managing director Kent Wong.

China will also be a critical market for Rio Tinto Plc's diamond business, after the world's No. 3 miner scrapped a planned sale of the unit earlier this year. Rio Tinto has now set up links with Chow Tai Fook, and last week invited 100 jewelry experts in Hong Kong to see its latest diamond haul.

"Going forward China will be the engine for growth in global retail diamond jewelry consumption," said Jean-Marc Lieberherr, managing director of Rio Tinto's diamonds and minerals division. He forecast low double-digit growth in China and said the firm was directing more of its production into the Chinese market.

China's bridegrooms may not be quite so convinced as their demanding brides, but the wives-to-be usually win in the end, conceded Yu Peidi, 27, a salesman in Shanghai, who proposed to his now-wife in 2011.

"Women are always getting together to compare, telling friends and colleagues that their husband has bought them such and such a diamond ring. Just talking about having a diamond seems to keep them happy," he said.

source: www.abs-cbnnews.com

Here's where to get all-Filipino, museum-quality items

MANILA – An upcoming artisan’s fair at the Rockwell Tent in Makati promises to offer nothing but museum-quality Philippine arts and crafts, from hand-painted table runners to stylish purses.

The annual maARTE artisan fair of the Museum Foundation of the Philippines is expected to bring together up to 60 participants selling products not usually found in malls.

The event, which will be held from August 23 to 25, aims to encourage Filipinos to appreciate their artistic heritage.

One of the artisans who will be participating in this year’s maARTE fair is award-winning jewelry designer Ann Ong, who is known for her gold-dipped metal cuffs and neckpieces.

There is also Riqueza by Erica Concepcion-Reyes, which features vintage Filipino jewelry; high-quality fabric from Tepiña; intricately designed coasters, picture frames and serving trays by Creative Definitions; pottery by Joey de Castro; and abaniko (fan) by Monchet Y Cia.



One can also expect to see works by Studio Bohemia, Balay ni Atong, Two Chic and Art of Gold Enterprises, among others.

“We want to boost productivity to make their businesses sustainable,” maARTE 2013 co-chair Maritess Pineda said during a recently held media launch for the event. “We want to provide artisans a venue where they can market their products... [so we] transferred to a bigger venue, to Rockwell.”

"The more you buy, the more you support [our artisans]," Pineda added.

source: www.abs-cbnnews.com

Sandiganbayan urged to decide on Marcos jewels

MANILA, Philippine – The special division of the Sandiganbayan has been urged by government lawyers to resolve the forfeiture case involving jewelries confiscated from the Marcos family in 1986.

The “Malacañang Jewelry Collection," composed of sets of gems and baubles, are believed to be worth between $110,055 and $153,089.

The set of jewels was turned over the Central Bank after it was left abandoned in the Palace by the Marcoses.

Lawyers of the Presidential Commission on Good Government (PCGG) and Office of the Solicitor General (OSG) earlier asked the graft court to declare the jewels forfeited in favor of the State.

The Marcos family, meanwhile, claimed that the motion for partial summary judgment filed by the government was improper because a first motion was denied on November 20, 1997.

On December 29, 2010, however, the graft court denied the Omnibus Motion of the Marcoses.

With the ruling, government lawyers said the Sandiganbayan can now decide on the ownership dispute.

"Verily, the proceeding to forfeit these assets by summary judgment is ripe for judicial determination and disposition," they said.

The lawyers argued that the jewels should go to the government because the total assets of the Marcoses previously forfeited by the courts were already well beyond their lawful income of $304,372.43 in 1986.

The government lawyers are: Assistant Solicitor General John Emmanuel F. Madamba; associate solicitors Moses V. Florendo and Camille R. Buhain; PCGG commissioners Richard R.T. Amurao and Ma. Ngina Teresa V. Chan-Gonzaga; and PCGG Legal Division chief Ma. Luisa M. Narvadez.

source: abs-cbnnews.com