Gemstones fail to reach minimum bid at government auction

The 24 items garnered from concluded cases at the Central Bankruptcy Court had an opening price of Bt284.4 million. Department director-general Ruenvadee Suwanmongkol said the items would be offered in another auction round on July 29. This auction would have an even lower starting price at 80 per cent of the items’ assessed worth, or Bt252.8 million. If that sale was unsuccessful, the gemstones would be offered again at auctions on August 19, September 9, September 30, October 21 and November 11, she added. Anyone who wants to participate is required to deposit Bt16 million in the form of cash or a cashier’s cheque before they will be allowed to bid. If they are not successful in their bid, they can take back their deposit immediately.