Huge ‘peace diamond’ fetches a disappointing $6.5 million

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peace diamond

Most diamonds in the world are cut here

One of many world’s largest diamonds has been offered for $6.5 million.

The stone has been dubbed the “peace diamond” as a result of a lot of the proceeds will go to assist the village in Sierra Leone the place it was discovered. In previous a long time, the unlawful commerce in “blood diamonds” was used to assist fund the nation’s devastating civil warfare and different African conflicts.

Slightly than promote the peace diamond to smugglers, the villagers introduced it to the eye of the nationwide authorities, which organized for it to be auctioned.

One of many world’s greatest luxurious jewelers, Laurence Graff, received the bidding in New York on Monday.

peace diamond
The “peace diamond” was found within the village of Koryardu in japanese Sierra Leone.

The ultimate worth is hardly a paltry sum, nevertheless it falls wanting what the Sierra Leonean authorities hoped the 709-carat gem would possibly increase.

In Could, the federal government turned down a bid of $7.eight million at an public sale in Sierra Leone, saying it may get “truthful market worth for Sierra Leone’s diamonds” elsewhere.

The stone is the third largest diamond within the nation’s historical past and the 14th greatest ever found worldwide, in accordance with the Rapaport Group, the jewellery group that helped carry the stone to public sale.

Previously, related sized tough diamonds have offered for nearly 10 instances as a lot, stated Tobias Kormind, managing director of 77Diamonds.com, an internet diamond jeweler. The 813-carat “Constellation” diamond, as an example, fetched $63 million final yr.

Associated: World’s second greatest diamond sells for $53 million

So why did not the peace diamond go for a greater worth?

“The highest finish of the diamond market shouldn’t be at its top,” Kormind advised CNNMoney by electronic mail, and the gem will not be as engaging as its sheer dimension suggests.

“The peace diamond is understood to be a very sophisticated stone,” he stated. “Bigger tough diamonds do not essentially translate into giant diamonds when they’re minimize and polished. It is all a query of the most important cleanest stone that may be gleaned from the tough. If you cannot yield a single giant diamond of very prime quality, and as an alternative must make a number of stones out of the big stone, that decreases the worth enormously.”

Second-largest diamond sells for $53 million

Regardless of the disappointing sum it fetched, the peace diamond is being held up for example of what can occur if individuals digging for valuable stones promote them by means of official channels.

Earlier this yr, Sierra Leonean President Ernest Koroma stated he needed to “thank the native chief and his individuals for not smuggling the diamond overseas.”

Associated: Most diamonds on the planet are minimize right here

The diamond, which was found within the village of Koryardu in japanese Sierra Leone, represents “our hope for a higher future because the sources of Sierra Leone fund progress, improvement and jobs,” stated Pastor Emmanuel Momoh, one of many diggers who found the diamond.

Greater than half the proceeds will go to authorities funding, together with “important life-saving infrastructure to the diggers and their communities who at present haven’t any clear water, electrical energy, medical services, colleges and roads,” Rapaport Group stated.

About a quarter of the cash will go to the diggers who discovered the stone, and the rest will likely be used for a authorities program referred to as the Diamond Space Group Growth Fund.

CNNMoney (Hong Kong) First revealed December 5, 2017: 6:13 AM ET

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