Mining group Rio Tinto has unearthed an extremely rare pink diamond, Australia's biggest rough pink diamond weighing 12.76 carats at its Argyle mine.
More than 90 percent of the world's pink diamonds come from the Argyle mine in the East Kimberley region in the far northeast area of Western Australia.
The diamond, discovered in the Argyle open pit, will be known as The Argyle Pink Jubilee, Rio Tinto said in a statement.
It is a light pink diamond, similar to The Williamson Pink, the diamond Britain's Queen Elizabeth received as a wedding gift and which was later set into a brooch for her Coronation.
Diamond polisher Richard How Kim Kam, who has worked for Argyle for 25 years, has started work on polishing the diamond in Perth, Australia.
After two months of careful assessment and planning, it will take about 10 days to cut and polish it as a single stone.
Richard said: "I'm going to take it very carefully. I know the world will be watching."
When the diamond has been cut and polished it will be graded by a team of experts and promoted internationally before being sold as part of the Argyle pink diamonds tender later this year.
Argyle pink diamonds manager Josephine Johnson said: "This rare diamond is generating incredible excitement.
"A diamond of this calibre is unprecedented - it has taken 26 years of Argyle production to unearth this stone and we may never see one like this again."
She added: "The individual who gets to wear this remarkable pink diamond will be incredibly lucky indeed."
Large pink diamonds tend to go to museums, are gifted to royalty or end up at auction houses such as Christie's.
Christie's has auctioned 18 polished pink diamonds over 10 carats in its 244 year history.
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says
Firms to see deterioration in credit metrics as low oil prices impact cash flows
OPEC exporters as well as other non-OPEC producers, including Russia, fail to agree on oil output freeze
Moody's has upgraded Argentina's credit rating after a US appeals court ruling this week cleared the way for Buenos Aires to proceed with the biggest debt issue by an emerging market country in 20 years.
Ahead of Doha meeting, OPEC says 'hurdles prevail as oversupply persists and inventories remain high'
Kuwaiti OPEC head says Russia and OPEC are likely to agree on oil output freeze
'The good news is that the recovery continues; we have growth; we are not in crisis,' Christine Lagarde says
The meeting is a 'follow-up' to last month's talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels
'They are not trimming output, only keeping it at the same levels...this is the same unchanged policy,' one expert says
Iran joining Venezuela, Saudi Arabia, Qatar and Russia in freezing oil output levels
According to the ratings agency Moody’s, Iran is fiscally and structurally well placed to come back into the global economic scene
PM Davutoglu meets the heads of the world's largest companies as he promotes Turkish economic interests at World Economic Forum
Fund cuts global growth forecasts for both 2016 and 2017 by 0.2 percentage points
'Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population'