The 14th largest diamond ever mined, the so-called Peace Diamond, has been sold to Graff Diamonds, with all proceeds going to benefit the country, village and community where the diamond was found.
The international auction for the 709-carat rough diamond was held Monday by the Rapaport Group, which was appointed by the government of Sierra Leone to market and sell the diamond in a transparent manner. The company provided all services free of charge because it will help the poorest people in the world, said Martin Rapaport, chairman of the Rapaport Group.
The diamond, the second largest rough ever found in Sierra Leone, was discovered in March by a group of artisanal diggers in Koryardu, Sierra Leone—a village with no running water, electricity, roads, or medical and schools facilities. The village Pastor, Emmanuel Momoh, was the legal owner of the diamond and he was determined to sell the diamond in a way that would benefit the community.
Momoh delivered the diamond to the President of Sierra Leone, Ernest Bai Koroma. The president led a transparent and competitive auction process in Sierra Leone held on May 11.The high bid at the auction in was $7.7 million, which was rejected. The government and Pastor Momoh then chose an international auction process that would make the diamond available to more buyers and ensure a fair market value price for the people of Sierra Leone.
Why Graff’s bid for the rough diamond for less money was accepted Monday is unknown.
According to Rapaport, the proceeds from the sale of the Peace Diamond will be allocated as follows: 59% will go to the Government of Sierra Leone as taxes, 15% will go to the Diamond Area Community Development Fund for infrastructure and 26% will go to the artisanal diggers who found the diamond.
“The sale of the Sierra Leone Peace Diamond represents a new future for the people of Sierra Leone,” Martin Rapaport said in a statement. “We anticipate a virtuous cycle of development as taxes from the sale provide tangible benefit to the artisanal sector. This will encourage more diggers to sell their diamonds through legitimate channels increasing tax revenue and vital infrastructure development.”
Added Pastor Momoh: “The Peace Diamond will greatly improve the lives of our people as it will bring clean water, electricity, schools, medical facilities, bridges and roads to our villages and the Kono District. This diamond represents our hope for a better future as the resources of Sierra Leone fund growth, development and jobs.”
Laurence Graff, founder of Graff Diamonds, in a statement said: “It is an honor to have acquired this magnificent rough diamond and that its sale will directly benefit a country in desperate need. It is always special to be able to give back to the places that provide us with these beautiful stones. Who knows the story that the Peace Diamond will tell in years to come. At this moment, the story of this diamond marks an important chapter for the people of Sierra Leone.”
Graff added that its staff of diamond specialists will determine the best way to turn the rough diamond into a polished gem.
