Graff Buys Peace Diamond for $6.5M

Dec 5, 2017 4:47 AM By Rapaport News

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RAPAPORT... The Sierra Leone government sold the 709-carat Peace Diamond to Graff Diamonds for $6.5 million on Monday at an auction in New York.

The sale, which the Rapaport Group managed for free, marks a sea change for the diamond trade, as the stone’s value came from the impact it would have on society rather than from its physical characteristics, said Rapaport chairman Martin Rapaport. The proceeds from the sale will go toward projects to help the people of Sierra Leone.

Graff chairman Laurence Graff “usually doesn’t buy anything that’s not a D or E color,” Rapaport explained. “The color of this diamond is very uncertain. Laurence Graff paid more money because he believes this diamond is a special diamond because it’s going to help the poorest people in the world.

He added that “when you get someone like Graff interested in the social benefits, in the social responsibility, you’re opening a new world of diamond demand — demand for diamonds that make the world a better place.”

The Sierra Leone government will receive about $3.9 million of the final selling price as taxes, Rapaport said. Another $980,454 will enter a community development fund, while about $1 million will go to local diggers in the West African nation’s Kono district, where workers found the diamond in March of this year.

The price of $6.5 million was lower than the bid of $7.08 million that the government rejected when it put the stone on tender in May.

“It is always special to be able to give back to the places that provide us with these beautiful stones,” Graff said. “Every diamond that passes through our hands is imbued with our passion and expertise. Our expert team of gemologists will now begin to assess the exquisite internal beauty of Mother Nature’s finest raw material.”

Tags: Graff, Graff Diamonds, Laurence Graff, Martin Rapaport, Peace Diamond, Rapaport, Rapaport News