Rapaport to Auction Peace Diamond in December

RAPAPORT…  The Rapaport Group will auction the 709-carat Peace Diamond
in New York in early December following viewings in global trading centers, the
company announced Tuesday.



The rough stone, considered the 14th-largest diamond in
history, is on display in Israel until October 27, and will go on show in
Belgium from October 30 to November 10. It will appear in New York starting
November 13 ahead of the evening auction on December 4.


Artisanal miners found the diamond in Sierra Leone’s
Kono district in March. The government auctioned the stone in May, but rejected
the highest bid of $7.8 million, and subsequently appointed Rapaport as its
sales and marketing agent.


The sale of the Peace Diamond in a transparent manner will
ensure the proceeds go to building up key local infrastructure, explained
Martin Rapaport, the group’s chairman, in an online video conference. The
diamond’s value comes more from its story than from its physical
characteristics, he insisted.


The sale will be liable to a 15% royalty to the Sierra Leone
government and 30% income tax. In addition to Pastor Emmanuel Momoh, who owns the
diamond, the five artisanal diggers who found it will receive a significant
amount.


While Rapaport has not released the rough diamond’s color
and clarity specifications, it likely contains at least one 95-carat to
100-carat polished diamond, Martin Rapaport said.


“This is not a simple diamond,” he explained. “It is a diamond which has many diamonds in it. This is
probably one of the most complicated diamonds in the world.


“This is the beginning of a whole new concept of diamond
marketing. For me personally, this is a labor of love.”