Notorious con artist Melissa Caddick’s custom-made diamond engagement ring has failed to find a buyer almost two years after turning up in a small antiques shop in Sydney’s Blue Mountains.
The solitaire diamond ring, custom-made by Sydney-based jeweler Stefano Canturi for her engagement to hairdresser and DJ Anthony Koletti, is in the Blackheath Village Jewelery Library.
Caddick, 49, disappeared on November 12, 2020, after fleecing $30 million from investors, including her family and friends, while working as a financial advisor.
Months later, his amputated foot washed up on a beach 500 kilometers 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 lawyer who needed help selling it just weeks after purchasing 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 lawyer’s partner pressured him to sell it because she felt uncomfortable owning something that once belonged to Caddick.
‘It was bought by a Sydney lawyer who bought many of his items that went up for auction.
Missing scammer Melissa Caddick’s engagement ring (pictured, left) has yet to be sold by a vintage jeweler who claims the vast majority of customers feel it has a “bad ju-ju”.
The custom-made ring was acquired by the Jewelery Library in the village of Blackheath in the Blue Mountains and valued at more than $70,000 at the end of 2022.
“His wife didn’t want it and gave us the ring to help him sell.”
Interest in Caddick’s case has attracted visitors from across Australia to see the infamous ring, but most are deterred by its “bad luck” reputation, with some even describing the ring as “cursed”.
“Many people who visit the store make comments about why she wasn’t wearing the ring when she disappeared,” James said.
Others are put off by the small J-size band or the hefty $70,200 price tag.
James told Daily Mail Australia that the ring’s list price reflects only the value of its jewellery, metals and craftsmanship, not its notorious history as a Caddick engagement ring.
He explained that he valued the ring, which was originally worth $39,200, at $70,200 due to the rise in the 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 are looking to reduce the price to $40,000, and a significant portion, possibly between $10,000 and $20,000, will go to charity,” he explained.
The scammer disappeared hours after ASIC officers raided her Dover Heights mansion in November 2020, and police believed she jumped from nearby cliffs to her death.
The ring, along with other items from Caddick’s estate, will be auctioned in late 2022 to help recover the $30 million he defrauded investors.
Most of his jewelry was sold during the auction, fetching more than $800,000, which went to compensate his victims.
Subsequent auctions of his designer clothes, art and luxury penthouse also helped raise millions.
Police believe Caddick took his own life by jumping off a cliff near his Dover Heights mansion shortly after the Australian Securities and Investments Commission raided his home in November 2020.
However, James is among those who speculate that Caddick may have escaped or met a different fate, possibly at the hands of those to whom he owed money.
“I don’t think he committed suicide, he’s quite intelligent, he would know it would take years to get to court, it’s a white collar crime,” he said.
“If you look at the images of the assault, she looks very calm and could have saved something to escape.”
James believes she may have become involved with “shady characters” who used her desperation for personal gain before killing her.
The shop owner said people had come from “all over Australia” to see Caddick’s ring, but were deterred from buying it because of the price and the fact it was a pinky finger.
Other theories persist, including that his foot was amputated and he had money hidden to flee to rural New South Wales or abroad.
Behavioral expert Hayden Brown said Caddick’s extravagant engagement ring symbolized her determination to “get what she wanted” without considering anyone else.
he said People have an innate curiosity about objects linked to criminals because it reflects the “darker side” of their humanity.
“We all demonstrate all the traits of human character, this means we are all considerate and inconsiderate, honest and dishonest, for example,” he told Daily Mail Australia.
“Although we are often unwilling to recognize these parts, we all have what is known as a “shadow” side.
Brown said that while people don’t want to imitate crimes, acquiring or even just seeing a criminal’s items helps them get “closer” to their darker side.