Australia unearths country's largest pink diamond

A 12.76-carat pink diamond has been unearthed in an Australian mine, the largest ever found in the country.
The diamond was found in mining giant Rio Tinto's Argyle diamond mine in Western Australia's East Kimberly region. The Argyle mine is the world's largest producer of pink diamonds, with Rio Tinto reporting that the mine generates more than 90% of the global market supply.
"A diamond of this caliber is unprecedented—it has taken 26 years of Argyle production to unearth this stone, and we may never see one like this again," said Argyle Pink Diamonds Manager Josephine Johnson in a statement.
According to Australia's Herald Sun, the diamond will be worth at least US$1.07 million.
He cited as a benchmark the 24.78-carat fancy intense pink diamond sold by Sotheby's Geneva office in November 2010 for more than US $46 million, which set the world's auction record for any diamond and jewel at US$1.86 million per carat.
Natural pink diamonds are considered one of the most valuable types of diamonds, and are typically found in museums, fine auction houses, and on the hands of royalty. The company said the Argyle Pink Jubilee is in a similar light pink color to the 24-carat Williamson Pink that Queen Elizabeth II received as a wedding gift.