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etvfutures.com December 18, 2017


Sierra Leone's 'peace diamond' auctioned for $6.5m in US

06 December 2017, 12:34 | Cesar Cruz

Sierra Leone auctions off “peace diamond” for US$6.5 million

Sierra Leone's 'peace diamond' auctioned for $6.5m in US

After taxes the government will receive $3.9 million, another $980,454 will go to a community development fund, and about $1 million will go to the workers where the diamond was found earlier in 2017.

The much anticipated auction of Sierra Leone's "Peace Diamond" was conducted on Monday in New York, APA has learnt here in Freetown.The 709 carat precious stone was auctioned by the diamond firm, the Rapatrport Group for US$6.5 million in New York.

It was bought by British luxury jeweller Laurence Graff, said Martin Rapaport, chairman of Rapaport Group, a network of diamond companies that managed the auction.

The Peace Diamond is on display at the Rapaport Group on December 4, 2017 in midtown NY.

The "peace diamond", said to be the 14th largest recorded diamond in the world, was handed to the Sierra Leone government in March after it was unearthed by a Christian pastor. Rapaport says that the sale of this diamond will provide "lifesaving infrastructure" to the village that has no water, electricity, roads, health or education service.

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Officials said they also hoped the sale will help combat the West African country's illicit diamond trade.

The government had expected the stone, the first ever to be sold at a public auction, to fetch $7 million.

Ernest Bai Koroma. The president of Sierra Leone praised Momoh "for not smuggling the diamond out of the country".

"It will encourage all the diggers back home", said Chief Paul Ngaba Saquee, head of Sierra Leone's eastern Kono district where the diamond was found.



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