Australia's largest ever pink diamond has been found in Rio Tinto's Argyle mine in Western Australia. The as yet uncut and unpolished 12.76 carat diamond is reported as being an exceptional example of the ultra rare pink variety. “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 Josephine Johnson from Rio Tinto's Argyle Pink Diamonds division, quoted by The Australian. Reports of the potential value range from a minimum above USD 1 million up to USD 10 million, with experts saying the value is difficult to gauge before cutting and polishing.

The Argyle mine produces 90 percent of the world's pink diamonds and the 12.76 carat diamond, dubbed 'The Argyle Pink Jubilee' is one of the biggest examples ever found. Auction house Christie's has sold only 18 polished pink diamonds greater than 10 carats in its nearly 250-year history, according to Rio Tinto.

Pink diamonds can reportedly value as much as USD 1 million per carat and a 24.78 carat example sold in 2010 holds the current world record for the most expensive gem ever, at USD 46 million. Queen Elizabeth II of England owns another famous pink diamond – the 24 carat Williamson Pink that she received as a wedding gift.

The most famous fictional pink diamond is probably The Pink Panther, the huge stolen gem from the film of the same name. Peter Sellers' bungling French policeman Inspector Clouseau is charged with recovering the mythical stolen diamond. Perhaps 'The Pink Dingo' would be a good name for Rio Tinto's extraordinary Australian find.

Liam Lever, liam@romania-insider.com

(photo source: The company/France 24)