07/08/2009 at 08:00 AM EDT
The jewelry that went missing after a June 6 British magazine photo shoot starring Lindsay Lohan
was worth a tenth of the value first reported
– or, $38,500 rather than the $400,000 initially estimated by London's Metropolitan Police, a spokesman for the force tells PEOPLE.
The spokesman, who says the initial estimate was provided in good faith, adds that "inquiries are continuing" and there have been no arrests in the case. The jewelry – diamond earrings and a necklace – is said to be from Dior, but the company has not confirmed that.
The items in question were being worn for a feature intended for an upcoming issue of the U.K. edition of Elle
When news of the investigation broke, Lohan's mother Dina defended her daughter
, saying that any finger-pointing at the 23-year-old was "defamatory, false and unfair" – while a spokeswoman for Elle
said the magazine had "no reason to believe that Lindsay Lohan was in any way responsible and has no further comment to make."
– Simon Perry