Notorious fraudster Melissa Caddick’s custom-made diamond engagement ring hasn’t found a buyer nearly two years after surfacing in a small antique shop in Sydney‘s Blue Mountains.
The solitaire diamond ring, custom made by Sydney-based jeweller Stefano Canturi for her engagement to hairdresser and DJ Anthony Koletti, is in the Jewellery Library in the village of Blackheath.
Caddick, 49, vanished on November 12, 2020, after she fleeced $30million from investors, including her family and friends, while working as a financial adviser.
Months later, her severed foot washed up on a beach 500km south of Sydney, prompting police to close the case. A coroner officially declared her dead in May 2023.
Antique dealer Jonathon James acquired the ring from a Sydney barrister who needed help selling it just weeks after buying it at auction for $7,000.
The ring features a large rare 1.83 carat white diamond surrounded by side diamonds weighing a combined 1.2 carats and two brilliant cut black sapphires weighing 0.04 carats.
The barrister’s partner pressured him to sell it because she felt uneasy owning something that once belonged to Caddick.
‘It was bought by a Sydney barrister who bought a lot of her items that went up for auction.
‘His wife didn’t want it and he gave the ring to us to help him sell.’
Interest in Caddick’s case has drawn visitors from all over Australia to see the infamous ring, but most are deterred by its reputation for ‘bad luck,’ with some even describing the ring as being ‘cursed’.
‘A lot of people who visit the store make comments about why she wasn’t wearing the ring when she vanished,’ Mr James said.
Others are put off by the small size-J band or the hefty $70,200 price tag.
Mr James told Daily Mail Australia that the ring’s listed price reflects only the value of its jewels, metals, and craftsmanship — not its notorious history as Caddick’s engagement ring.
He explained that he valued the ring, originally worth $39,200, at $70,200 due to the rising value of precious metals following the Covid pandemic.
He explained that only one person had seriously considered purchasing the ring, while another, who collects macabre memorabilia, had also shown some interest.
‘We’re looking to reduce the price to $40,000, with a significant portion, possibly $10,000 to $20,000, going to charity,’ he explained.
The ring, along with other items from Caddick’s estate, was auctioned off in late 2022 to help recover the $30million she defrauded from investors.
Most of her jewellery was sold during the auction, fetching over $800,000, which went toward compensating her victims.
Subsequent auctions of her designer clothes, art, and luxury penthouse also helped raise millions.
Police believe Caddick took her own life by jumping off cliffs near her Dover Heights mansion shortly after her home was raided by the Australian Securities and Investments Commission in November 2020.
However, Mr James is among those who speculate that Caddick might have escaped or met a different fate, possibly at the hands of those she owed money to.
‘I don’t think she killed herself, she’s pretty clever, she would know that that would take years to come to court, it’s a white collar crime,’ he said.
‘If you look at the footage of her being raided, she looks very calm and could have put something away for an escape.’
Mr James believes she could have become embroiled with ‘shady characters’ who used her desperation for personal gain before killing her.
Other theories persist including that she had her foot amputated and had money stashed away to run off to rural NSW or overseas.
Behavioural expert Hayden Brown said Caddick’s extravagant engagement ring symbolises her determination to ‘get what she wanted’ without considering anyone else.
He said people have an innate curiosity about items tied to criminals because it reflects the ‘darker side’ of their humanity.
‘We all demonstrate all human character traits, this means we are all considerate and inconsiderate, honest and dishonest, for example,’ he told Daily Mail Australia.
‘Despite being often unwilling to acknowledge these parts, we all have what is known as a “shadow” side.’
Mr Brown said that while people don’t want to mimic the crimes, acquiring or even just seeing the items of a criminal help them ‘get close’ to their darker side.
