ASTANA – Kazakhstan’s Returned Asset Management Company has raised 198.5 million tenge (US$365,885) through auctions since the beginning of 2025, selling confiscated jewelry, luxury watches, collectible coins, and real estate. The proceeds are part of a broader effort to return illegally obtained assets to the state, with all funds transferred to the Special State Fund.
Photo credit: e-auction.e-qazyna.kz Collage is created by The Astana Times.
According to Kazinform, the most recent auction, held on July 24 via the E-Qazyna electronic trading platform, saw strong demand. Of the 56 jewelry lots offered, 18 items were sold, representing 32% of the total, and generating 16.9 million tenge (US$31,196). This exceeded the total starting price of 14.7 million tenge (US$27,260), with final bids averaging 87% of the original value, up from the initial 70% threshold.
Sold items included diamond rings, emeralds, pearls, pieces featuring Kazakh national patterns, and luxury jewelry from brands such as Roberto Coin and FOPE. Notable sales included a FOPE bracelet, a crown necklace, a Picchiotti ring, and a set of silver and gold necklace and bracelet.
The company noted that the remaining 38 unsold pieces will be re-listed in future auctions — a standard practice in asset sales.
High-profile sales throughout 2025 include a building in Astana sold for 96 million tenge (US$176,947) and several luxury watches, such as the Patek Philippe World Time Chronograph Green Mecca Edition for 36.27 million tenge (US$66,854), the Cartier Ballon Bleu Tourbillon for 17.71 million tenge (US$32,643), the Chopard Imperiale for 4.82 million tenge (US$8,883), the Breguet 882U No. 3271 for 8.82 million tenge (US$16,262), the Ulysse Nardin Executive Skeleton Tourbillon for 5.96 million tenge (US$10,985), and the Blancpain Villeret Ultraplate for 2.98 million tenge (US$5,484). Additionally, a Chopard necklace sold for 2.36 million tenge (US$4,354), while a Cartier LOVE bracelet and ring set fetched 2.62 million tenge (US$4,827).
Other smaller items, including earrings, rings, bracelets, and collectible coins, collectively brought in 19 million tenge (approximately US$35,020).
As of now, the Returned Asset Management Company oversees 37 assets worth a total of 48.6 billion tenge (US$89.5 million), excluding jewelry. These include six land plots in Almaty valued at 12.5 billion tenge (US$23 million).
Upcoming auctions set to take place from July 22 to 31 will feature 164 new jewelry items, a property in Almaty, and 15 land plots in the Almaty Region.
To date, 25.4 billion tenge (US$46.8 million) has been transferred to the Special State Fund, including 24.6 billion tenge (US$45.4 million) from asset sales and 800 million tenge (US$1.4 million) from rent, dividends, and trust management income.
The Returned Asset Management Company was established by government resolution in September 2023 to manage and liquidate confiscated property and assets obtained through corruption and other illegal activities.
For a deeper dive into Kazakhstan’s ambitious asset recovery campaign, including its legal, political, and financial implications, read our in-depth analysis by The Astana Times’ senior editor Assel Satubaldina.
