Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
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
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.
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.
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.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light DisplayInstead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.
