NEW YORK (Reuters) – Sierra Leone offered one of many world’s largest uncut diamonds for $6.5 million at a New York public sale on Monday to lift funds for growth initiatives within the West African nation.
The egg-sized gem — often known as the “Peace Diamond” — was purchased by British luxurious jeweler Laurence Graff, stated Martin Rapaport, chairman of Rapaport Group, a community of diamond corporations that managed the public sale.
“100% of the worth of this diamond, of the public sale sale of this diamond, goes to go to the federal government and the folks of Sierra Leone. By no means earlier than has this occurred,” Rapaport advised reporters.
The gem was unearthed in March in Sierra Leone’s jap Kono area by a Christian pastor who gave it to the federal government to deal with the sale.
It was the federal government’s second try to promote the diamond after it rejected the very best bid of $7.eight million at an preliminary public sale within the capital Freetown in Might.
Forward of Monday’s public sale the diamond was proven to some 70 potential patrons and obtained seven bids, Rapaport stated.
“We confirmed the diamond all over the place. We did no matter we may and that’s the most effective worth that we will get from the market at this time,” he stated.
The United Nations lifted a ban on diamond exports from Sierra Leone in 2003, although the $113 million sector is stricken by smuggling.
Diamonds fueled a decade-long civil struggle in Sierra Leone, ending in 2002, during which rebels pressured civilians to mine the stones and purchased weapons with the proceeds, resulting in the time period “blood diamonds.”
Reporting by Reuters Tv, Modifying by Darren Schuettler
Learn More about FX Forex Trading