According to several reports, 6,732 diamonds and gems and 2,000 pearls were deposited with the Bank of Italy. Some estimates place the value of the items at €300 million today. But others disagree, offering far lower assessments. In July 1976, the leather jewelry case was reopened in the presence of jewelers Gianni Bulgari and Tito Vespasiani after there were rumors of theft and losses. When the jewellers examined the case and its contents, the treasure appeared to be intact though the value was not as high as many expected. Vespasiani, then president of the Association of Roman Goldsmiths, said they were worth a few hundred million. And Bulgari, questioned years later on the subject, replied: “All I remember of that inspection in 1976 is exclaiming after seeing them: ‘Is it possible that these items are really the treasure of the kingdom of Italy?’”
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Not all of the Savoy jewels are kept in the Bank of Italy, however. In 2007 and 2021, two celebrated auctions were organised by the Savoy heirs with some of the most precious pieces being put up for sale. These include the famous Musy tiara made of natural pearls and diamonds and worth over €1 million, the centerpiece of Sotheby’s Magnificent Jewels and Noble Jewels auction. (The name of the buyer has never been revealed.) Queen Margherita’s famous 10-strand necklace of 684 pearls and the laurel-leaf diamond tiara with a central daisy given by Victor Emmanuel II to his daughter-in-law Margherita are also not found in the vault. The pink tourmaline tiara, a gift from Queen Maria Theresa of Sardinia to Princess Elisabeth of Saxony in 1850, remained in the family’s possession as well. It is part of a set that includes a necklace, a brooch with three pendants, earrings, and two bracelets. Part of an interchangeable parure with pink tourmaline, ruby, and sapphire options, the public saw Clotilde Courau wear it with pink tourmaline in an oval cut, mounted on a floral setting, on the day of her marriage to Emanuele Filiberto, grandson of the last king of Italy, in 2003. (Princess Maria Gabriella wore the same parure with sapphires.)