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Huge ‘peace diamond’ fetches a disappointing $6.5 million

Massive ‘peace diamond’ sells for a lower-than-expected $6.5 million

A massive diamond dubbed the “peace diamond” has fetched a disappointing $6.5 million at auction, falling far short of the $7-9 million price range that had been expected. The 709-carat diamond, discovered in Sierra Leone last year, was sold in New York City to a British jeweler, Graff Diamonds.

The peace diamond gained its nickname due to the fact that the proceeds from its sale are meant to benefit the people of Sierra Leone, a country still recovering from a brutal civil war that ended in 2002. The government of Sierra Leone had originally hoped that the sale of the diamond would bring in much-needed revenue to help fund development projects and alleviate poverty in the country.

However, despite the high hopes for the sale, the final price fell well below expectations. Some have attributed the lower price to the diamond’s setting and lack of a clear provenance, as it was discovered by a small-scale miner rather than a large mining company. Additionally, the diamond’s large size also made it more difficult to sell, as there are a limited number of buyers willing to pay top dollar for such a massive gem.

While the $6.5 million will still benefit the people of Sierra Leone, many had hoped for a larger windfall that could have made a significant impact on the country’s development. The disappointing sale serves as a reminder of the challenges faced by countries in Africa and other resource-rich regions in leveraging their natural wealth to benefit their citizens.

Despite the disappointment, the sale of the peace diamond still represents a positive step forward for Sierra Leone. The fact that the diamond was able to be sold at auction and generate funds for the country is a sign of progress in itself. Hopefully, the money raised will still be able to make a meaningful difference in the lives of the people of Sierra Leone and help continue the country’s path towards peace and prosperity.
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