The 14th prodigious diamond ever mined called as the peace diamond with all its profits imparted to welfare of the country, village and community where the diamond was discovered. The worldwide auction for the 709-carat rough diamond was convened by the Rappaport Group, which was established by the government of Sierra Leone to trade the diamond in a candid manner. The company offered all services charge free as it would assist the poorest people in the world said Martin Rapaport, chairman of the Rapaport Group.
The diamond, second largest rough ever discovered in Sierra Leone, was found in March by a category of artisanal diggers in Koryardu, Sierra Leone a village deprived of running water, electricity, roads, or medical and schools facilities. The village clergyman Emmanuel Momoh, was the legitimate owner of the diamond and he was resolved to sell the diamond in a way that could be utilized for the benefit of the community.
Momoh remit the diamond to the President of Sierra Leone, Ernest Bai Koroma. The president headed an explicit and aggressive auction procedure in Sierra Leone. The prominent bid at the auction in was $7.7 million, which was refuted. The government and Pastor Momoh selected an international auction process that would make the diamond accessible to more buyers fortify an unequivocal market value price for the people of Sierra Leone.
As stated by Rapaport, the earnings from the sale of the Peace Diamond will be issued as follows: 59% will go to the Government of Sierra Leone as taxes, 15% will go to the Diamond Area Community Development Fund for infrastructure and 26% will go to the artisanal diggers who found the diamond.