NEW YORK: Sierra Leone sold one of the world’s largest uncut diamonds for $6.5 million at an auction in New York on Monday to raise funds for development projects in the West African country. The egg-sized gem known as the “Peace Diamond” was bought by British luxury jeweller Laurence Graff, said Chairman of Rapaport Group Martin Rapaport, a network of diamond companies that managed the auction. “One hundred percent of the value of this diamond, of the auction sale of this diamond, is going to go to the government and the people of Sierra Leone. Ahead of Monday’s auction the diamond was shown to some 70 potential buyers and received seven bids, Rapaport said. The United Nations lifted a ban on diamond exports from Sierra Leone in 2003, though the $113 million sector continues to be plagued by smuggling.

Source: Pakistan Today December 05, 2017 10:30 UTC