The Melissa Caddick ring that no-one wants: Seller desperately tries to get rid of ‘cursed’ jewel – and shares disturbing theory about what really happened to the conwoman

Notorious fraudster Melissa Caddick’s custom-made diamond engagement ring has yet to find a buyer almost two years after it turned up in a small antique shop in Sydney’s Blue Mountains.

The diamond solitaire ring, custom made by Sydney-based jeweler Stefano Canturi for her engagement to hairdresser and DJ Anthony Koletti, is located at the Jewelery Library in the village of Blackheath.

Caddick, 49, disappeared on November 12, 2020, after taking $30 million from investors, including her family and friends, while working as a financial advisor.

Months later, her severed 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.

Antiques dealer Jonathon James bought the ring from a Sydney lawyer who needed help selling it, just weeks after buying it at auction for $7,000.

The ring features a large rare white diamond of 1.83 carats, surrounded by side diamonds with a total weight of 1.2 carats and two brilliant cut black sapphires with a weight of 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 a lot of her stuff that was put up for auction.

The custom ring was purchased by the Jewelery Library in the Blue Mountains village of Blackheath in late 2022 and was valued at more than $70,000.

“His wife didn’t want it and he gave the ring to us to help sell it.”

Interest in Caddick’s case has attracted visitors from across Australia to see the infamous ring, but most are put off by its reputation for ‘bad luck’, with some even describing the ring as ‘cursed’.

“Many people who visit the store comment on why she wasn’t wearing the ring when she disappeared,” James said.

Others are put off by the small J band or the high $70,200 price tag.

Mr James told Daily Mail Australia the ring’s price only reflects the value of the jewels, metals and craftsmanship – and not its infamous 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 expressed some interest.

“We want to lower the price to $40,000, with a significant portion, possibly $10,000 to $20,000, going to charity,” he explained.

The fraudster disappeared hours after ASIC officers raided her Dover Heights mansion in November 2020, with police believing she had jumped to her death from nearby cliffs

The ring, along with other items from Caddick’s estate, was auctioned off in late 2022 to recover the $30 million she defrauded from investors.

Most of her jewelry was sold at the auction, which raised more than $800,000, helping to compensate her victims.

Subsequent auctions of her designer clothes, art and luxury penthouse also helped raise millions.

Police believe Caddick committed suicide by jumping from 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 may have escaped or met a different fate, possibly at the hands of those to whom she owed money.

“I don’t think she committed suicide, she’s quite smart, she would know it would take years to get to court, it’s a white collar crime,” he said.

“If you look at the footage of her being attacked, she looks very calm and could have stashed something to escape.”

Mr James believes she could have become embroiled with ‘dark characters’ who used her desperation for personal gain before killing her.

The store’s owner said people had come from “all over Australia” to see Caddick’s ring, but was deterred from buying because of the price and the fact it was a small finger.

Other theories persist, including that her foot was amputated and money was stashed away to flee to rural NSW or abroad.

Behavioral expert Hayden Brown said Caddick’s extravagant engagement ring symbolizes her determination to “get what she wanted” without regard to anyone else.

He said people have an innate curiosity about objects associated with criminals because this reflects the ‘dark side’ of their humanity.

“We all exhibit all human character traits, this means for example we are all considerate and inconsiderate, honest and dishonest,” he told Daily Mail Australia.

‘Although we are often unwilling to acknowledge these parts, we all have a so-called ‘shadow side’.’

Mr Brown said that while people may not want to recreate the crimes, acquiring or even seeing a criminal’s belongings helps them get ‘closer’ to their dark side.