Peace diamond: Precious stone fetches $6.5m in New York

A giant 709-carat diamond unearthed in Sierra Leone has sold at auction in New York for $6.5m (£4.8m).

The government is now expected to use the money raised to improve conditions in the village of Koryardu, including the introduction of a fresh supply of water, electricity, roads, medical care and the building and maintenance of schools.

"The Peace Diamond bought by Laurence Graff will change lives even though it's a shame the diamond hasn't sold for a wildly expensive price," the managing director of 77diamonds, Tobias Kormind, said.

The "peace diamond", said to be the 14th largest recorded diamond in the world, was handed to the Sierra Leone government in March after it was unearthed by Emmanuel Momoh, a Christian pastor.

The group's chairman, Martin Rapaport, told Newsday that the sale could bring about a "sea change in the relationship between artisanal miners and the government" if the community is seen to benefit.

UCJ, UNILORIN.