EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
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
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
SourcingFeb 25, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
EditorsFeb 25, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
IndependentsFeb 24, 2026
Sherry Smith Now Principal Partner at The Retail SmithsThe industry veteran, who was with The Edge Retail Academy for 14 years, joins her husband at the company he founded in 2022.
IndependentsFeb 24, 2026
Yafa Signed Jewels to Open Store in MiamiThe vintage signed jewelry retailer chose Miami due to growing client demand in the city and the greater Latin American region.
WatchesFeb 24, 2026
Chrono24 Names New VP, U.S. General ManagerFormer Flight Club executive Jin Lee will bring his experience from the sneaker world to the pre-owned watch marketplace.
SourcingFeb 23, 2026
Designer Eddie Sakamoto, a Humble Artist, Dies at 72Sakamoto, who died in mid-January following a sudden illness, is remembered for his humility and his masterful, architectural designs.
Events & AwardsFeb 23, 2026
NYCJAOS Announces Four-Day Spring ShowThe April event will feature a new VIP shopping day requiring a special ticket.
TrendsFeb 23, 2026
Dua Lipa Is Bulgari’s New AmbassadorBulgari chose the British-Albanian singer-songwriter for her powerful and enduring voice in contemporary culture, the jeweler said.
