-70-
diamonds with a total weight of approximately 60.5 carats.
Christie’s estimated that this necklace would sell at auction for
$120,000 to $150,000. Item number 299 was a 16-inch platinum
necklace set with 80 graduated oval-cut diamonds with a total
weight of approximately 48 carats. Christie’s estimated that
this necklace would sell at auction for $70,000 to $90,000. We
valued the six seized assets which did not sell at auction at the
values as appraised by Carmona. Carmona’s total appraised value
for the five items of jewelry which did not sell at auction was
approximately the same as the total of the upper estimated values
for those items as ascertained by Christie’s. We decide in the
case of the graduated-diamond necklace in question that its
applicable fair market value equals the average of the estimated
highest values of item numbers 295 and 299, as adjusted to
reflect the fact that the graduated-diamond necklace in question
had only 30.02 carats of diamonds. In other words, we average
the two highest estimated values (($150,000 + $90,000)/2 =
$120,000), divide the average value by the average carat weight
of item numbers 295 and 299 ((60.5 + 48)/2 = 54.25;
$120,000/54.25 = $2,211.9816), and multiply the resulting amount
by 30.02 ($2,211.9816 x 30.02 = $66,404).
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