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Sierra Leone Business: Peace Diamond (709-carat) Goes on Auction today in New York

Pastor Momoh’s 709 carat “Peace Diamond” will at 10am this morning be auctioned in New York at the Rapaport office.
This sale comes in 267 days since the diamond was found on 13th March 2017 in Koryadu village, which is in Tankoro Chiefdom, in the Eastern Provincial District of Kono.
The diamond has been displayed in Belgium and proclaimed a “Peace” diamond by the government.
Chairman of the Rappaport Group who is organizing the auction, Martin Rappaort said in a recent video that, “59 percent of the sales price of this diamond will go to the government of Sierra Leone for taxes. 15 percent will go to Diamond Area Community Development Fund and 26 percent will go to the diggers of which some 20 percent will go to the actual people who were working in the pit for the diamond.”
However, according to Director Alusine Timbo at the National Minerals Agency (NMA) what stipulated in the mines and minerals act is that Government will collect 15% Royalty Tax and 30% Income Tax. The remaining revenue will go to the owner of the diamond Pastor Momoh
At an initial bid in May in Freetown at the Bank Complex, the government rejected the $7.77million that was offered. Unofficial sources say the expected price is around $50 million.
The auction of the diamond is expected to be broadcast live on local Television and Radio Stations
Monday December 4, 2017.

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