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November 13, 2019

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Court sells diamonds to recover US$320,000

A COURT in eastern China鈥檚 Jiangsu Province said yesterday that it auctioned 53 diamonds online for a total of 2.23 million yuan (US$320,000).

The batch of diamonds was sealed by the Suzhou Industrial Park People鈥檚 Court after its owner failed to repay their debt within the time limit.

The diamonds were sent to a special agency for identification and then shelved for public auction on the judicial sales platform of Taobao, Alibaba鈥檚 shopping site.

The court also organized a display for the diamonds on November 7, attracting over 120 potential bidders. As of Monday morning, 170,000 internet users viewed the auction webpage. An estimated 1,645 participated in the auction.

After 4,676 rounds of competitive bidding, the final auction turnover was set at a premium of 303 percent.

Online auctions can save time and service fees for bidders and at the same time increase transparency and prevent under-the-table operations in legal affairs, the court said.

Almost all Chinese courts have registered on Taobao鈥檚 judicial sales platform since the service was launched in 2012, auctioning assets from diamonds, cars, land use and Boeing 747s to company shares and steel production capacity quotas.

The Suzhou court joined Taobao鈥檚 judicial sales platform in 2014. A total of 3,438 items have been shelved and 2,344 sold, netting 7.07 billion yuan.


 

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