The diamond is now locked up in Sierra Leone's central bank in Freetown and is said to be one of the 20 largest diamonds ever found.
However, there are questions over whether the community will benefit from the gemstone.
Freelance or artisanal miners are common in Sierra Leone's diamond-rich areas and according to Mathew Nyaungwa from Rough and Polished diamond analysts, the discovered diamond weighing 706 carats in Konom is the 13th largest diamond ever to be found.
Nyaungwa added that it is difficult to estimate a price as it is "quality not size [that] determines the value of a diamond".
And it was gathered that the discovery may have a blemish.
According to Nyaungwa, the world’s five largest diamonds are Cullinan Diamond, found in South Africa in 1905, weighed 3,107 carats, Lesedi La Rona, found in Botswana in 2015, weighed 1,111 carats, Excelsior Diamond, found in South Africa in 1893, weighed 995 carats, Star of Sierra Leone, found in Sierra Leone in 1972, weighed 969 carats and Incomparable Diamond, found in DR Congo in 1984, weighed 890 carats.
But Pastor Momoh's discovery, which has not yet been valued, is the biggest diamond to be found in Sierra Leone since 1972, when the 969-carat Star of Sierra Leone was dug up.
Last May, diamond-mining firm Lucara sold a 813-carat stone for $63m (£51m) at a closed auction in London.
However, a government official in a statement on Thursday, March 16, said that the diamond will be sold with a 'transparent' bidding process to the benefit of the community and country.
"A 706-carat diamond was presented to President Dr Ernest Bai Koroma yesterday evening," the statement said.
"Receiving the diamond President Koroma thanked the chief and his people for not smuggling the diamond out of the country," it added, referring to the Tankoro chiefdom where Momoh uncovered the gem.
The diamond will be sold in Sierra Leone with a "transparent" bidding process to the benefit of the community and country, the statement said.
"I have to help the government and my people, so all of us can benefit," presidential spokesman Abdulai Bayraytay quoted the pastor as saying.
Sierra Leone is well known for its diamond industry but it has had a chequered history.
Diamond sales partly fuelled the country's decade-long civil war when rebel groups exchanged them for weapons.
