It's like Rumpelstiltskin in reverse: Authorities arrested jewelers who took the Colombian drug money and exchanged it for gold, and then in turning smelting the fold "into various household items like solid-gold wrenches, light switches, belt buckles and screws" according to Newsday. And some were even painted over to be further hidden as WNBC reported. About $5.5 million in gold and diamonds were seized. The Times goes into greater depth about the investigation, aka El Dorado.

Gothamist on bling bling's etymology. And this is just like the story about the heroin smuggled in as furniture.