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Market NewsNewsSierra Leone rejects offer for 709 carat gem

Sierra Leone rejects offer for 709 carat gem

A much anticipated auction for one of the world's largest diamonds fizzled on Thursday when the government of Sierra Leone rejected a $7.8 million bid for the rough, egg-sized stone, saying it failed to meet its own valuation, Reuters reported.

The 709-carat gem is the second largest ever discovered in the West African country and was unearthed in March in the eastern Kono region by a Christian pastor who gave it to the government to handle the sale, said the Reuters report.

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