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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.”
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Tags:
Graff, Graff Diamonds, Laurence Graff, Martin Rapaport, Peace Diamond, Rapaport, Rapaport News
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Thank you
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Dec 5, 2017 10:27AM
By Rosa Santorroman
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Thank you Rapaport Group for setting example with this auctioned and for such a brilliant idea. Thank Graff Diamonds and Mr. Graff for giving back.
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