The Ministry of Mines and Mineral Resources (MMMR) and the National Minerals Agency (NMA) of Sierra Leone have announced the recent discovery of a 144.12 carat rough diamond by a registered diamond exporter.

As per the procedures established under the Mines and Minerals Act of 2009, the diamond was brought to the Precious Minerals Trading Department of the NMA for valuation and certification on June 28, 2018, where it underwent a tripartite valuation process.

While the exporter valued the rough gemstone at US$ 601,701 and the NMA valuers pegged it at US$ 648,540, a team of Independent valuers said that it could fetch US$ 659,925.48.

Accordingly, the owner-exporter paid 15% of the latter value equivalent to US $ 98,988.82 as royalty to Government, and he was provided with the Kimberley Certificate to export the diamond.

The government has clarified that the law does not specifically make it mandatory for sale through a private auction, though that was the manner in which two other large diamonds found over the past few months, one a 709 carat diamond and the other a 477 carat diamond.

Further details about the process of sale are awaited.

Pic caption: The 144.12 carat rough diamond

Pic courtesy: NMA, Sierra Leone