Largest Australian Diamond to Go to Auction

Jewelry fans should make plans to head to Australia, where CNN is reporting that a 12.76-carat pink diamond has been unearthed in a mine, the largest ever found in the country.

Christened as the Argyle Pink Jubilee, 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 percent of the global market supply.

Rio Tinto expects that after two months of assessment and planning, it will take ten days to cut and polish the diamond into a single stone. The finished stone will be offered for sale during the company's annual Argyle Pink Diamonds Tender later this year. According to Australia's Herald Sun, the diamond will be worth at least $1.07 million.

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