Policies & IssuesNov 27, 2024
G7 Announces Botswana as Second Verification ‘Node’ for Rough DiamondsBotswana joins Antwerp as a certification center for rough under the G7 ban on Russian diamonds.
SourcingDec 05, 2017
Graff Purchases ‘Peace Diamond’ for $6.5M
The government of Sierra Leone rejected a previous bid for $7.7 million from a different buyer.
The government of Sierra Leone rejected an original bid for $7.7 million from a private buyer for the 709-carat rough “Peace Diamond.” The stone was ultimately purchased by Graff Diamonds for $6.5 million.
New York--Laurence Graff of Graff Diamonds has purchased the “Peace Diamond,” Martin Rapaport announced at a press conference Monday.
He paid the government of Sierra Leone $6.5 million for the 709-carat stone, down from an earlier bid of $7.7 million from a private bidder, which had been rejected.
Rapaport said that he didn’t know how serious the original bid was, as it was made prior to his involvement with the sale, “but perhaps the government should have taken that offer.”
Still, he noted that it was far more prestigious for the one of the world’s foremost diamond houses to own the stone, rather than an unknown buyer.
“Laurence Graff usually doesn’t buy anything that isn’t D or E in color,” Rapaport continued, “but he believes this diamond is a special diamond because it’s going to help the poorest people in the world.”
Graff commented in a press release, “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."
The “Peace Diamond” is so called because when it was recovered by artisanal miners in Sierra Leone, they turned it into the government, which pledged to use half of the profits to help the people of Sierra Leone, with the other half going to the people who were responsible for finding it.
Rapaport Group facilitated the sale free of charge, in an effort to promote transparency in the Sierra Leone diamond industry.
“This is a historic moment,” said an emotional Rapaport, explaining that the sale of the Peace Diamond, which he called the “most transparent process ever,” legitimized the artisanal mining sector.
Several members of the Sierra Leonean government were present at the press conference, which was also being broadcast to press in the West African country.
He paid the government of Sierra Leone $6.5 million for the 709-carat stone, down from an earlier bid of $7.7 million from a private bidder, which had been rejected.
Rapaport said that he didn’t know how serious the original bid was, as it was made prior to his involvement with the sale, “but perhaps the government should have taken that offer.”
Still, he noted that it was far more prestigious for the one of the world’s foremost diamond houses to own the stone, rather than an unknown buyer.
“Laurence Graff usually doesn’t buy anything that isn’t D or E in color,” Rapaport continued, “but he believes this diamond is a special diamond because it’s going to help the poorest people in the world.”
Graff commented in a press release, “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."
The “Peace Diamond” is so called because when it was recovered by artisanal miners in Sierra Leone, they turned it into the government, which pledged to use half of the profits to help the people of Sierra Leone, with the other half going to the people who were responsible for finding it.
Rapaport Group facilitated the sale free of charge, in an effort to promote transparency in the Sierra Leone diamond industry.
“This is a historic moment,” said an emotional Rapaport, explaining that the sale of the Peace Diamond, which he called the “most transparent process ever,” legitimized the artisanal mining sector.
Several members of the Sierra Leonean government were present at the press conference, which was also being broadcast to press in the West African country.
“There’s a reason God gave diamonds to the poorest people in the world and made the richest people desire them.” -- Martin Rapaport
Chief Paul Saquee V of the Kono province where the diamond was found said, “I am very convinced that (we have extracted) the maximum benefits from this diamond. We encourage the diggers, the artisanal miners back home, instead of being ripped off in some dark corners when they find their diamonds that they … bring it to the government so they will get the maximum benefit.”
Rapaport said the government received 59 percent, or $3.9 million, of the Peace Diamond’s profits in the form of taxes, to benefit the people of Sierra Leone. A total of $980,454 went to the Diamond Committee Development Fund, which will oversee infrastructure development projects specifically in the area where the diamond was recovered.
The remainder will be split among the five diggers who acquired the stone (Rapaport said they would earn roughly $200,000 each) and their boss, the Koryardu village chief Pastor Emmanuel Momoh.
Rapaport said that 70 companies saw the diamond, which is “very complicated to cut,” at the Israel Diamond Exchange, in Antwerp and in New York. Seven bids were ultimately made for the stone, the attributes of which haven’t been announced, though the diamond appears light yellow to the eye.
Rapaport has been vocal about the stone’s value surpassing that of its typical market value because of the good it will create in the lives of the people of Sierra Leone.
Chief Saquee called it a “first step” toward transparency and fairness. He also noted that a recently recovered 476-carat diamond had also been given to the government, rather than smuggled out of the country.
In the future, Rapaport hopes that more Sierra Leoneans will be able to benefit from the natural resources their country has to offer.
“There’s a reason God gave diamonds to the poorest people in the world,” he said, “and made the richest people desire them.”
More on Sourcing
The Latest
CollectionsNov 27, 2024
Piece of the Week: Mignon Faget’s ‘Crescent Starry Night’ Tassel EarringsMignon Faget honors its hometown of New Orleans with a piece inspired by “The Crescent City.”
TechnologyNov 27, 2024
Nivoda Secures Additional Funding The London-based business-to-business diamond and gemstone marketplace just closed on a $51 million round of Series C funding.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
AuctionsNov 26, 2024
Christie’s To Auction Collection of Suzanne Belperron JewelsIt’s one of the most impressive assemblages of the French designer’s pieces ever to come to auction, Christie’s said.
Weekly QuizNov 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsNov 26, 2024
The Smart Lab: 7 Strategies for Refining Your Holiday Email Marketing CampaignsSuccessful email marketing campaigns are all about timing, personalization, and compelling CTAs, Emmanuel Raheb writes.
MajorsNov 26, 2024
GIA’s Board of Governors Adds 2 New MembersRetail leader Lisa Bridge and geology professor Dr. Wendy Bohrson joined the organization’s board.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
MajorsNov 26, 2024
Ben Bridge Jeweler Unveils This Year’s ‘Benny Bear’ Look out for a black bear wearing a purple Santa hat and its zippered tummy pouch made for holding a holiday gift from Ben Bridge Jeweler.
SourcingNov 25, 2024
William Goldberg Celebrates 2 Major Milestones With New Book“The William Goldberg Way” was released in honor of the company’s 75th anniversary and 25 years of its proprietary Ashoka diamond.
Lab-GrownNov 25, 2024
Lab-Grown Co. Lusix Sold to 2 Companies for $4M Fenix and Dholakia Lab-Grown Diamonds have jointly acquired the Israel-based company, which grows diamonds using solar power.
IndependentsNov 25, 2024
Sophie Bille Brahe Opens First US StoreThe Danish brand has opened an appointment-only location on Madison Avenue in New York City.
Events & AwardsNov 25, 2024
The Original Miami Beach Antique Show Panel to Feature Fred SavageThe actor and watch enthusiast will be part of the show’s education lineup.
EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
