A rare pink diamond with a mass of 12.76 carats has been found in Australia.
Mining giant Rio Tinto unearthed the gem and said it is currently being cut and polished in Perth. It will be on sale later this year.
Rio Tinto, the owners of the Argyle Diamond Mine in Western Australia where it was found, said it is expected to go for millions of dollars.
Despite the mine providing more than 90 percent of the world's supply of pink diamonds, the company says this particular one is still very rare.
"I remain very hopeful, but I doubt that we will see anything quite like this again. It is also a very clean, large diamond so it is entirely unique," said Josephine Johnson, Argyle Pink Diamond's manager.
The stone has been named the Argyle Pink Jubilee.
It is a light pink diamond that is similar in colour to The Williamson Pink, the diamond found in Tanzania that Queen Elizabeth II received as a wedding gift and which was subsequently set into a brooch for her coronation.
In 2010, a rare 24.78-carat pink diamond was sold for a world auction record of NZ$55 million.
Argyle Pink Diamond said it will take about ten days to cut, polish and grade the diamond before it will be offered for sale by invitation only.
3 News / Reuters