Zapatero jewelry valued at 1.3M euros; spokesperson apologizes for false estimate

The jewelry seized from former Spanish Prime Minister José Luis Rodríguez Zapatero's office has been officially appraised at 1.3 million euros, far exceeding the 30,000–50,000 euro estimate initially given by his spokesperson, Luis Arroyo. The appraisal, conducted by the historic Madrid jeweler Ansorena with the collaboration of the Spanish Gemological Institute, was ordered by the investigating judge José Luis Calama of the National Court. Source: El País

The appraisal

The collection of 103 pieces includes several high-value items:

• A white gold collar with two Zambian emeralds and brilliant-cut diamonds: 278,000 euros. Source: ABC
• A white gold collar with 13 Thai sapphires and diamonds: 220,000 euros. Source: El Confidencial
• A sortija (cocktail ring) with a natural emerald: 85,000 euros. Source: La Vanguardia The appraisal uses "replacement value" — the cost to buy an equivalent new piece — and does not reflect potential market sale prices, which another estimate puts at up to 2.3 million euros. Source: El Español

The apology

Luis Arroyo, president of the Ateneo de Madrid and acting as Zapatero's authorized spokesperson, initially claimed the jewels were worth between 30,000 and 50,000 euros, a figure he said Zapatero had given him. After the appraisal came to light, Arroyo apologized on social media: "I ask forgiveness in my own name for having led to error about the value of the jewels of President Zapatero." Source: El Mundo But critics, such as journalist Nacho Abad, argued that Zapatero himself misled Arroyo. Source: ABC

What's next

Judge Calama has opened a separate investigation into Zapatero for alleged tax fraud and smuggling of the jewels into Spain. Zapatero is scheduled to testify on June 17 and 18. The origin of the jewels — attributed by his secretary to an inheritance from his wife's family and gifts from trips — remains unexplained. Source: El Español