The Two-Way
6:39 pm
Wed February 22, 2012

12.76-Carat Pink Diamond Unearthed In Australia Could Be Worth Millions

Take a look at this rock:

That's a 12.76-carat pink diamond that was found at Rio Tinto's Argyle diamond mine in Western Australia. The mine said it is the biggest of its kind found in the country, which is a big deal because that mine produces 90 percent of the global market diamond supply.

The Telegraph reports:

"'It has taken 26 years of Argyle production to unearth this stone and we may never see one like this again,' said the [Argyle] spokesperson.

"In 2010, a rare 24.78-carat pink diamond was sold for a record-breaking £29 million, the highest price ever paid for a jewel. It was sold to a British dealer at an auction in Geneva after being held in a private collection for 60 years."

"Rio Tinto said extremely high quality pink diamonds could fetch in excess of US$1 million per carat, adding that Christie's has only auctioned 18 polished pink diamonds larger than 10 carats in its 244-year history."

The BBC reports the stone will be polished and cut and then sold later this year after it goes on a worldwide tour.

CNN spoke to Chin Yewo, a Sotheby's jewelry expert, who said "it's premature to judge the stone's significance at this point," especially because a rough stone can lose up to 50 percent of its weight during the cutting and polishing process.

"It is hard to judge a stone in the rough. It really depends on how large the rock will be polished downed to," Quek, told CNN. "It also depends on the [intensity of] color and clarity," he added.

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