A worker shows the 101.73-carat diamond to the media at the Christie in Geneva, Switzerland, April 30, 2013. (Xinhua/Wang Siwei)

FREETOWN, May 12 (Xinhua) -- The Sierra Leone government, through the Ministry of Mines and Mineral Resources, on Thursday rejected bids tendered by potential buyers for the 709.41-carat uncut diamond discovered in March.

Five bidders were announced with the highest bid tendered by Raydiam B.V.B.A with 7,077,777 U.S. dollars.

The ceremony took place at the Bank of Sierra Leone Complex, Kingtom in Freetown.

The gem, weighing 709.41 carats, is the second largest precious stone ever found in Sierra Leone and put on the market for international competitive bidding.

Director General of the National Minerals Agency Sahr Wonday said the bids submitted were below the government's reserve price.

"I regret to announce that none of these bids met government's reserve price. Similar bidding exercise would be reopened in due course and the public would be informed accordingly. We encourage all today's bidders to review their bids and participate in the next round," he said.

The diamond was discovered by Pastor Emmanuel A. Momoh in Koryardu village, Tankoro chiefdom Kono district, eastern Sierra Leone, on March 14, 2017.