MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
SourcingDec 05, 2017
Graff Purchases ‘Peace Diamond’ for $6.5M
The government of Sierra Leone rejected a previous bid for $7.7 million from a different buyer.
The government of Sierra Leone rejected an original bid for $7.7 million from a private buyer for the 709-carat rough “Peace Diamond.” The stone was ultimately purchased by Graff Diamonds for $6.5 million.
New York--Laurence Graff of Graff Diamonds has purchased the “Peace Diamond,” Martin Rapaport announced at a press conference Monday.
He paid the government of Sierra Leone $6.5 million for the 709-carat stone, down from an earlier bid of $7.7 million from a private bidder, which had been rejected.
Rapaport said that he didn’t know how serious the original bid was, as it was made prior to his involvement with the sale, “but perhaps the government should have taken that offer.”
Still, he noted that it was far more prestigious for the one of the world’s foremost diamond houses to own the stone, rather than an unknown buyer.
“Laurence Graff usually doesn’t buy anything that isn’t D or E in color,” Rapaport continued, “but he believes this diamond is a special diamond because it’s going to help the poorest people in the world.”
Graff commented in a press release, “It is an honor to have acquired this magnificent rough diamond, and that its sale will directly benefit a country in desperate need. It is always special to be able to give back to the places that provide us with these beautiful stones."
The “Peace Diamond” is so called because when it was recovered by artisanal miners in Sierra Leone, they turned it into the government, which pledged to use half of the profits to help the people of Sierra Leone, with the other half going to the people who were responsible for finding it.
Rapaport Group facilitated the sale free of charge, in an effort to promote transparency in the Sierra Leone diamond industry.
“This is a historic moment,” said an emotional Rapaport, explaining that the sale of the Peace Diamond, which he called the “most transparent process ever,” legitimized the artisanal mining sector.
Several members of the Sierra Leonean government were present at the press conference, which was also being broadcast to press in the West African country.
He paid the government of Sierra Leone $6.5 million for the 709-carat stone, down from an earlier bid of $7.7 million from a private bidder, which had been rejected.
Rapaport said that he didn’t know how serious the original bid was, as it was made prior to his involvement with the sale, “but perhaps the government should have taken that offer.”
Still, he noted that it was far more prestigious for the one of the world’s foremost diamond houses to own the stone, rather than an unknown buyer.
“Laurence Graff usually doesn’t buy anything that isn’t D or E in color,” Rapaport continued, “but he believes this diamond is a special diamond because it’s going to help the poorest people in the world.”
Graff commented in a press release, “It is an honor to have acquired this magnificent rough diamond, and that its sale will directly benefit a country in desperate need. It is always special to be able to give back to the places that provide us with these beautiful stones."
The “Peace Diamond” is so called because when it was recovered by artisanal miners in Sierra Leone, they turned it into the government, which pledged to use half of the profits to help the people of Sierra Leone, with the other half going to the people who were responsible for finding it.
Rapaport Group facilitated the sale free of charge, in an effort to promote transparency in the Sierra Leone diamond industry.
“This is a historic moment,” said an emotional Rapaport, explaining that the sale of the Peace Diamond, which he called the “most transparent process ever,” legitimized the artisanal mining sector.
Several members of the Sierra Leonean government were present at the press conference, which was also being broadcast to press in the West African country.
“There’s a reason God gave diamonds to the poorest people in the world and made the richest people desire them.” -- Martin Rapaport
Chief Paul Saquee V of the Kono province where the diamond was found said, “I am very convinced that (we have extracted) the maximum benefits from this diamond. We encourage the diggers, the artisanal miners back home, instead of being ripped off in some dark corners when they find their diamonds that they … bring it to the government so they will get the maximum benefit.”
Rapaport said the government received 59 percent, or $3.9 million, of the Peace Diamond’s profits in the form of taxes, to benefit the people of Sierra Leone. A total of $980,454 went to the Diamond Committee Development Fund, which will oversee infrastructure development projects specifically in the area where the diamond was recovered.
The remainder will be split among the five diggers who acquired the stone (Rapaport said they would earn roughly $200,000 each) and their boss, the Koryardu village chief Pastor Emmanuel Momoh.
Rapaport said that 70 companies saw the diamond, which is “very complicated to cut,” at the Israel Diamond Exchange, in Antwerp and in New York. Seven bids were ultimately made for the stone, the attributes of which haven’t been announced, though the diamond appears light yellow to the eye.
Rapaport has been vocal about the stone’s value surpassing that of its typical market value because of the good it will create in the lives of the people of Sierra Leone.
Chief Saquee called it a “first step” toward transparency and fairness. He also noted that a recently recovered 476-carat diamond had also been given to the government, rather than smuggled out of the country.
In the future, Rapaport hopes that more Sierra Leoneans will be able to benefit from the natural resources their country has to offer.
“There’s a reason God gave diamonds to the poorest people in the world,” he said, “and made the richest people desire them.”
More on Sourcing
The Latest
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
Weekly QuizJul 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
CollectionsAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
SurveysJul 30, 2026
Consumer Confidence Slips in JulySurvey respondents were concerned about the rising prices of food and groceries as well as unemployment.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
Events & AwardsJul 30, 2026
Hillsborough Show Moves to New Location for 2026The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.
EditorsJul 29, 2026
Q&A: The Past and Future of Angola’s Diamond Industry Endiama Commercial Director Elton Escrivão knows people have a lot of misperceptions about Angola. He wants to change that.
MajorsJul 29, 2026
Kevin Reilly Retires After 39 Years in the Jewelry Industry Reilly has been with PGI USA for the last 20 years, leading partnership development and professional education.
FinancialsJul 29, 2026
Kering’s H1 Jewelry Sales Up 14%Boucheron reached record sales while Pomellato found success in its signature collections.
Events & AwardsJul 29, 2026
Lauren Harwell Godfrey Designs a Flag for ArkansasShe was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
FinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
