A hidden collection of luxury jewels

The Spanish political establishment is reeling after authorities discovered a cache of high-value jewelry inside the office safe of former Prime Minister José Luis Rodríguez Zapatero. A court-ordered appraisal by Madrid jeweler Ansorena, conducted with the Spanish Gemological Institute, valued the pieces at more than €1.3 million, though gemologists consulted by EL MUNDO believe the true market value could be twice that figure once manufacturing costs and brand margins are included.

The collection includes a white-gold Zambian necklace with diamonds and emeralds appraised at €278,000, a Thai 18-carat white-gold necklace bearing 13 sapphires valued at €220,000, and multiple bracelets, rings, and earrings studded with precious stones. The jewels had been kept in the strongbox of Zapatero's professional office, and their origin is not documented.

“The introduction, possession, or circulation within national territory of jewelry whose total value amounts to approximately €1,323,915, without proof of payment of customs duties, special taxes, or levies associated with their import, constitutes an objective indication that such goods may have entered the customs territory of the European Union evading the required fiscal controls.”

A court zeroes in on two possible crimes

Judge José Luis Calama of Spain's Audiencia Nacional opened a separate piece of the Plus Ultra case to investigate Zapatero for suspected tax fraud and smuggling. The probe stems from the absence of any customs documentation, import invoices, or proof of payment of the 21% VAT that would be due on such imported luxury items. Under Spanish law, undeclared imports worth over €150,000 can constitute contraband, and the failure to pay import taxes can trigger tax fraud charges.

The parallel investigation gained momentum after US Homeland Security Investigations handed over the mobile phone of Venezuelan businessman Rodolfo Reyes, the former majority owner of airline Plus Ultra, to Spanish police on 18 March 2026. Conversations on the device suggest Zapatero may have been involved in efforts to secure the €53 million public rescue of Plus Ultra in 2021 outside official channels.

PSOE distances itself from a former moral beacon

The discovery has devastated grassroots Socialist Party members. One party source described seeing "militants cry, ordinary people who believed in Zapatero" and noted that the emotional bond with him had been the party's most powerful unifying thread. Since the jewels emerged, there will be no more rallies, tributes, or public appearances by the ex-leader; he already stayed away from the official events during Pope Leo XIV's visit.

Zapatero's spokesman, Luis Arroyo, initially claimed the collection was worth between €30,000 and €50,000 and later apologized for the "error," a misjudgment that party insiders still cannot comprehend. The PSOE leadership has gone silent, while government coalition partners—through Health Minister Mónica García—are demanding explanations.

“Zapatero said his jewels were worth €50,000 and now they are worth 26 times more. Don't tell me prices aren't rising!”

What comes next

Zapatero is scheduled to testify before Judge Calama on Wednesday 17 June, an appearance that the entire political spectrum says must include explanations. He has the opportunity to present documentation that could dispel the suspicion of illicit origin, but the lack of a paper trail for such a valuable collection leaves the former prime minister facing the most serious legal jeopardy of any Spanish ex-head of government in the democratic era.