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Argyle Pink Jubilee, a 12.76-carat pink diamond, found in Western Australia

Miners at the Rio Tinto Argyle diamond mine in Western Australia's East Kimberly region have dug up the largest rough pink diamond ever found in the country.

Diamond rio tinto 2012 02 23Enlarge
Rio Tinto Diamond Production Manager Gavin Pearce looks at a rare pink diamond during a private viewing of 65 pink diamonds that went on sale during the annual Rio Tinto Diamonds Argyle Pink Diamond Tender in New York City in Oct. 2007. (Emmanuel DUNAND /AFP/Getty Images)

Miners at the Rio Tinto Argyle diamond mine in Western Australia's East Kimberly region have dug up the largest rough pink diamond ever found in the country.

Named the Argyle Pink Jubilee, the stone is 12.76 carats, BBC News reported.

"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," Argyle Pink Diamonds Manager Josephine Johnson in a statement, CNN reported. Ninety percent of the pink diamonds in the world have been found at the Argyle mine, according to Rio Tinto.

Rio Tinto officials said the company has sent the diamond to Perth for polishing and cutting, which will take about 10 days, BBC News reported. After the cut diamond is graded, Rio Tinto will take it on a world tour, including to New York and Hong Kong, then sell it later this year.

It’s expected that the diamond’s future owner will spend at least $10 million to buy the gem, according to Australia’s Herald Sun. Rio Tinto officials told the Herald Sun that diamonds in its special collection regularly sold for $1 million a carat. "This diamond is one of a kind, so the market will determine its true value," Rio Tinto Diamonds Communications Manager Robyn Ellison told the Herald Sun.

While that’s a lot of meat pies, it’s not even close to challenging the record for the highest price ever paid for a jewel. In November 2010, Sotheby's Geneva office sold a 24.78-carat fancy intense pink diamond for more than $46 million, setting the world's auction record for any gem at $1.86 million per carat, BBC News reported.

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http://www.globalpost.com/dispatch/news/regions/asia-pacific/120223/argyle-pink-jubilee-diamond-rio-tinto-australia