Lab-GrownDec 01, 2023
Lightbox Teams Up With Brand Founded by Former Tiffany ExecThe lab-grown diamond brand also collaborated with the website The Future Rocks on a collection launching today.
SourcingOct 18, 2017
Sierra Leone’s 709-Carat Peace Diamond Going to Auction
The government of Sierra Leone will auction off one of the world’s largest rough stones with the help of Rapaport Group.
Half of the profits of the sale of the "Peace Diamond" will benefit the people of Sierra Leone.
New York--The government of Sierra Leone will auction off a 709-carat rough diamond, dubbed the “Peace Diamond,” with the help of Rapaport Group.
Rapaport has been appointed as sales agent of the stone, which was discovered by artisanal miners in the village of Koryardu in Sierra Leone’s Kono district.
It is the third-largest diamond found in Sierra Leone to date and the 14th largest in the world.
The stone will be auctioned off in New York City on the evening of Monday, Dec. 4.
The Peace Diamond is so called because over half of its sales value will benefit the community where it was discovered, as well as the people of Sierra Leone, with the other half going directly to the diggers who recovered it and their boss, village chief Pastor Emmanuel Momoh.
“Thousands of artisanal miners are looking to see how they can improve their lives,” said Momoh during a press conference held via video from Israel and Sierra Leone on Tuesday. “This diamond is going to be the bridge to build the lives of artisanal miners.
Abdulai Bayraytay, a spokesperson for the president of Sierra Leone, Dr. Ernest Bai Koromo, spoke about the broad implications of the stone, and how its sale would show the world that, “We still have very clean diamonds in Sierra Leone, we have peace diamonds in Sierra Leone and we have diamonds that will transform the lives of people in this country as long as they pass through legal channels that Sierra Leone prides itself on.”
Martin Rapaport, chairman of the Rapaport Group, noted that his company is facilitating the sale of the stone at no charge to the government of the Sierra Leone.
“This is a beautiful diamond, not just because of its physical characteristics but because the money will create tremendous benefits for people who don’t necessarily have clean water, education or electricity,” Rapaport said. “Calling this diamond the Peace Diamond is very significant because it’s much more than just a diamond. It’s the hope and dream of thousands of people in Sierra Leone.”
Rapaport went on to emphasize that the goals of the sale were to be transparent, competitive, to receive fair market value for the stone, to benefit the people of Sierra Leone, encourage artisanal sector formalization and create legitimate artisanal distribution.
“We’re creating legitimacy where before there were a lot of questions as to what comes
out of Sierra Leone and out of the artisanal sector,” Rapaport added.
Chief Paul Saquee V of the Kono province hoped the sale of the Peace Diamond would show artisanal miners that they will be properly compensated by bringing forth their finds.
“My dream has always been for this country, especially artisanal miners to benefit from the diamonds…they acquire,” Saquee said. “We now have an opportunity for a diamond found in Sierra Leone, instead of being bought in some dark corner room in someone’s office, for it to be placed in public tender. This is going to encourage other artisanal miners to bring forth their diamonds instead of smuggling them or instead of getting robbed by unscrupulous businessmen that pass for dealers.”
The Peace Diamond is currently being shown to interested parties at the Israel Diamond Exchange.
On Oct 30, it will be on view in Belgium, before moving to New York on Nov. 13.
Rapaport was unable to comment on characteristics of the stone, noting that opinions from various diamond experts differed on the best way to cut the Peace Diamond, and what polished stones it will yield, though he said that all polished stones would be certified polished Peace Diamonds.
“This is probably one of the most complicated diamonds in the world, with many different opinions of what can come out of this diamond physically,” he explained.
He said that interested buyers are bringing diamond experts with them for individual assessment.
While there is no minimum bid for the stone, Rapaport said that an offer of approximately $7.77 million had been rejected, though ultimately, the stone’s value is enhanced by its “spiritual sparkle,” or the transparent manner in which it has come to auction and by the way it will help the people of Sierra Leone.
Chief Paul Saquee V of the Kono province hoped the sale of the Peace Diamond would show artisanal miners that they will be properly compensated by bringing forth their finds.
“My dream has always been for this country, especially artisanal miners to benefit from the diamonds…they acquire,” Saquee said. “We now have an opportunity for a diamond found in Sierra Leone, instead of being bought in some dark corner room in someone’s office, for it to be placed in public tender. This is going to encourage other artisanal miners to bring forth their diamonds instead of smuggling them or instead of getting robbed by unscrupulous businessmen that pass for dealers.”
The Peace Diamond is currently being shown to interested parties at the Israel Diamond Exchange.
On Oct 30, it will be on view in Belgium, before moving to New York on Nov. 13.
Rapaport was unable to comment on characteristics of the stone, noting that opinions from various diamond experts differed on the best way to cut the Peace Diamond, and what polished stones it will yield, though he said that all polished stones would be certified polished Peace Diamonds.
“This is probably one of the most complicated diamonds in the world, with many different opinions of what can come out of this diamond physically,” he explained.
He said that interested buyers are bringing diamond experts with them for individual assessment.
While there is no minimum bid for the stone, Rapaport said that an offer of approximately $7.77 million had been rejected, though ultimately, the stone’s value is enhanced by its “spiritual sparkle,” or the transparent manner in which it has come to auction and by the way it will help the people of Sierra Leone.
More on Sourcing
The Latest
FinancialsDec 01, 2023
Movado Lowers Guidance Again After Q3 Sales DipThe company said it is facing a “challenging retail environment” but is prepared for the holiday season.
CollectionsDec 01, 2023
Piece of the Week: Muzo’s Emerald and Argyle Pink Diamond NecklaceIt’s the hero piece of the newest "Green Jewel" collection, a collaborative offering from the two mines.
Brought to you by
If It’s Custom, Make It PlatinumWith holiday proposals right around the corner, encourage your customers to go for platinum when making the big purchase.
AuctionsNov 30, 2023
This Pink Diamond Reigned Supreme in Hong KongThe 15.48-carat fancy intense “Pink Supreme” topped Christie’s fall jewelry auction in Asia, while a Patek Philippe led the watch sale.
Weekly QuizNov 30, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
MajorsNov 30, 2023
Claire’s Hires Former Bath & Body Works Exec as CFO, COOChris Cramer, who also spent time at Gen Z intimates brand Parade, will take on the dual role.
AuctionsNov 30, 2023
Sotheby’s To Auction 133-Carat Yellow DiamondThe stone headlining the upcoming sale could fetch up to $5 million.
Brought to you by
Did You Know? The Vital Role of IGI: The International Gemological InstituteIn a world where the sparkle of a gemstone is only as brilliant as the trust behind it, IGI's purpose is truly invaluable.
IndependentsNov 30, 2023
Frank Adams Rolls Out Kwiat’s ‘Mine to Shine’ ProgramThe retail offering lets customers track their diamond’s journey.
SurveysNov 29, 2023
Holiday Shoppers Broke a Record This Weekend, Says NRFFrom Thanksgiving through Cyber Monday, 200.4 million consumers shopped online and in stores.
MajorsNov 29, 2023
Cast Debuts at Nordstrom, Closes on More VC FundingThe growing company also plans to open more of its own boutiques.
EditorsNov 29, 2023
Warren Buffett on Success, Mistakes and Betting on AmericaThe best quotes from the Oracle of Omaha and his right-hand man Charlie Munger from the 2018 Berkshire Hathaway shareholders meeting.
IndependentsNov 28, 2023
Maine Jeweler to Relocate After 76 YearsJ. Dostie Jewelers will move from Lewiston to Yarmouth this spring.
IndependentsNov 28, 2023
Fink’s Jewelers Opens 10th StoreIt’s the company’s second location in Tennessee.
AuctionsNov 28, 2023
Mary Tyler Moore’s Jewelry Is Up For Auction You can have this jewelry, why don’t you take it?
Events & AwardsNov 28, 2023
The Original Miami Beach Antique Show Is Celebrating 60 YearsNext year’s milestone show will be full of educational programming and collaborations.
EditorsNov 27, 2023
10 Tips for Selling Diamonds This Holiday SeasonSales experts and a diamantaire share their best advice on how to send customers home with diamond jewelry.
CollectionsNov 27, 2023
See the New ‘Platinum Born’ JewelryThe brand has released five new collections.
IndependentsNov 27, 2023
Frank Adams Jewelers Named ‘Family Business of the Year’The Albany Business Review recently honored the 100-year-old company.
GradingNov 27, 2023
Dr. John W. Valley Retires from GIA Board of GovernorsTo honor his legacy, GIA has set up a scholarship in his name.
CrimeNov 22, 2023
JSA Warns of Surge in Attacks on Jewelers on the RoadThere have been eight attacks in the last month, spanning from a jewelry store parking lot in Rhode Island to highways in California.
TrendsNov 22, 2023
Amanda’s Style File: November GlowThese 15 pieces of jewelry celebrate November babies and the hues of citrine and topaz that reflect the colors of the season.
MajorsNov 22, 2023
Facet Barcelona Opens New Factory in SpainThe jewelry manufacturer said it can now better serve the North American market.
TechnologyNov 21, 2023
See David Yurman’s New High-Tech Holiday Campaign The jewelry brand takes viewers through a virtual winter wonderland set in New York City.
Events & AwardsNov 21, 2023
Here Are the Winners of BIJC’s Inaugural ‘Rock the Jewels’ AwardsThe organization recognized outstanding industry players at its celebratory event.
SourcingNov 21, 2023
De Beers’ Rough Diamond Sales Sink to $80M India’s voluntary moratorium on rough diamond imports coupled with a stunted recovery in China continue to impact the miner.
ColumnistsNov 21, 2023
The Smart Lab: Score Big During Football Season With Hulu AdvertisingEmmanuel Raheb outlines three reasons why Hulu advertising and football can be a game changer for your jewelry store’s marketing.
