Anyone feels great wearing a diamond-studded Rolex, but would it boost the thrill even more if your new timepiece used to adorn a gangster’s wrist? Well, it could happen! The loot forfeited by the government when they lock up criminals, gangsters and drug dealers doesn’t just collect dust in a drawer at the police station.

Every four months, the US Marshals Service holds an auction in a different city, as part of its asset forfeiture program, and offers up hundreds of pieces for sale to the public at large. The quadr-annual auction was just held in Austin, Texas, on August 1, raking in a whopping $2 million to benefit victim service programs and law enforcement agencies that played a role in the arrests. Where else can the money you spend blinging yourself out actually go for a good cause?

The pieces range from dazzling to downright tacky, with the most interesting pieces rating off the charts for gaudiness. Bidding at yesterday’s Austin auction started off with the more modest pieces – engagement rings and diamond bracelets, but progresssed consistently towards the more “unusual”. The priciest ice was a white gold bracelet studded with 250 round cut diamonds, and a Joe Rodeo wristwatch with no less than 252 diamonds encircling the band, plus 20 more carats glittering in the watch face – both valued at about $35,000. The “blingier” lot included a diamond-studded golden goblet engraved with a Medusa emblem and a plastic cup insert ($10,500), and a long gold chain with a pendant reading “Paid in Full”.

About 2000 people showed up for the Texas auction, mostly diamond retailers. But even if you can’t make it out to Texas, there’s online bidding at the auction website and a lot gallery that’s worth having a look at (check out the US Marshals Service site for updates). If you missed it this time around, don’t fret – there’s another one coming up in four months. Another reason to hope the PD gets those criminals off the street in the meantime!