'Peace diamond' sells for a disappointing $6.5 million

'Peace diamond' sells for a disappointing $6.5 million

Luxury jeweler Laurence Graff won the bidding and picked up the egg-sized gem for $6.5 million. (Source: peacediamond.com/CNN) Luxury jeweler Laurence Graff won the bidding and picked up the egg-sized gem for $6.5 million. (Source: peacediamond.com/CNN)

(CNN) - One of the biggest diamonds on the planet just sold for a pretty penny.  Really, it’s a massive pile of pennies.

Luxury jeweler Laurence Graff won the bidding and picked up the egg-sized gem for $6.5 million. The 709-carat diamond is the 14th largest in the world.

The stone is called the "peace diamond" because most of the proceeds from the sale are earmarked for the village in Sierra Leone where it was found.

The Sierra Leone government had hoped the rock would fetch much more. They rejected an earlier bid of $7.8 million.

But an expert says the diamond market isn’t at its peak right now.

Copyright 2017 CNN.  All rights reserved.

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