709-carat diamond found in Sierra Leone sells for $6.5m

Sierra Leone's 'peace diamond' auctioned for $6.5m in US

Sierra Leone's 'peace diamond' auctioned for $6.5m in US

Sierra Leone sold one of the world's largest uncut diamonds for $6.5 million at a NY auction on Monday to raise funds for development projects in the West African country.

The government is now expected to use the money raised to improve conditions in the village of Koryardu, including the introduction of a fresh supply of water, electricity, roads, medical care and the building and maintenance of schools.

The Rapaport Group has dubbed the stone the "peace diamond" and says its sale "will provide vital lifesaving infrastructure to the area where the diamond was found". Sierra Leone is one of the world's largest diamonds and its proceeds will be used for development projects in Sierra Leone.

The auction on Monday in NY followed several postponements of the event that saw the stone displayed in several European capitals.

The United Nations lifted a ban on diamond exports from Sierra Leone in 2003, though the $113 million sector is plagued by smuggling.

It was the government's second attempt to sell the diamond after it rejected the highest bid of $7.8 million at an initial auction in the capital Freetown in May.

Senior officials were nonetheless optimistic about the sale's effects on the illicit diamond trade in Sierra Leone.

"Instead of being ripped off in some dark corners when they find their diamonds, that they will bring it and put it on the table in front of the government", he said, adding: "Maybe this is going to be the beginning of a new day in Sierra Leone".

Recommended News

  • Meghan Markle's Princess Preparation Will Include Hostage Training

    Meghan Markle's Princess Preparation Will Include Hostage Training

    Smith's co-star, Claire Foy , has a more positive view about Markle becoming Prince Harry's wife in the next couple of months. Markle when her and Harry first went public in November of previous year - with searches increasing by 1430 per cent.
    Champions League: Manchester United target flops while fullback wanted by Chelsea thrives

    Champions League: Manchester United target flops while fullback wanted by Chelsea thrives

    Juve join Group D winners Barcelona , who rounded off their group phase with a routine 2-0 win at home against Sporting Lisbon. They have claimed maximum points from five matches so far and could be worth siding with to beat Bayern Munich away.
    Foreign Trade Policy may focus on job creation, improving trade logistics

    Foreign Trade Policy may focus on job creation, improving trade logistics

    He said that after the soon the process will be completely automated which will reduce processing and time required for refund. He also offered solace that issues related to the implementation of the Goods and Services Tax (GST) would ease soon.
  • Shares in Poundland, Benson for Beds and Harveys owner crash

    Shares in Poundland, Benson for Beds and Harveys owner crash

    A spokeswoman for Deloitte Accountants B.V., which signed off Steinhoff's 2016 results, declined immediate comment. It is not clear if these are the accounting irregularities Steinhoff is referring to in its latest statement.

    Adobe Systems Incorporated (ADBE) Analysts See $0.96 EPS

    Finally, Bienville Capital Management LLC lifted its holdings in shares of Adobe Systems by 1.6% during the 2nd quarter. The company has a market capitalization of $88,493.13, a P/E ratio of 54.07, a P/E/G ratio of 2.27 and a beta of 1.05.
    Under Analysts Radar: General Cable Corp (BGC)

    Under Analysts Radar: General Cable Corp (BGC)

    Piedmont Investment Advisors LLC purchased a new stake in General Cable during the second quarter valued at about $175,000. Comerica Bank owned approximately 0.36% of General Cable worth $3,711,000 at the end of the most recent reporting period.
  • Austria makes same-sex marriage legal

    Austria makes same-sex marriage legal

    The move brings Austria into line with many other European nations including Germany , France , Britain and Spain . Same-sex couples must first end their registered partnerships before they are able to get married.
    Vishal claims his paper accepted; EC says matter under process

    Vishal claims his paper accepted; EC says matter under process

    Earlier in the day, the poll body had rejected Vishal's nomination forcing the actor to protest on the road. "We are going to take it up legally and will go to the court tomorrow", she added.
    Plot to kill British Prime Minister Theresa May foiled

    Plot to kill British Prime Minister Theresa May foiled

    Security measures were introduced in the 1970s but were increased in the 1980s as the threat from Irish republican groups grew. MI5 and police believe the plot would have started with an attack using an improvised bomb at the gates of Downing Street.
  • #MeToo Movement Is Person Of The Year, 'Time' Says

    #MeToo Movement Is Person Of The Year, 'Time' Says

    Tied for third were Kaepernick, Mueller, and Dreamers (undocumented immigrants brought to the U.S.as children) with 5 percent. Time also conducted a reader poll, which the magazine says was won by Mohammed bin Salman , with 24 percent of the votes.
    Two students shot outside Graham-Kapowsin High School, sheriff's office says

    Two students shot outside Graham-Kapowsin High School, sheriff's office says

    One of the shooting victims ran into the school after he was shot, Troyer said, and made it into the locker room bathroom. High school students will be reunited with their parents at the Frontier Junior High School gymnasium, 22110 108th Ave.
    Bacteria outbreak kills 36 in South Africa

    Bacteria outbreak kills 36 in South Africa

    Motsoaledi further explained that they concluded that the disease was an outbreak when it reached 500 cases. Gauteng is the worst hit with 62% of cases, 37% in Western Cape and 7% in KwaZulu Natal.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.