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.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July
HSBC was also a big riser, gaining three percent at £7.65 ($10, 8.5 euros) in late morning trade after the British banking giant announced a share buyback plan alongside a rise in first-half profits.
Both main crude contracts made strong gains, with WTI testing $50 a barrel for the first time since late May and Brent heading towards $53, while mining giants BHP Billiton and Rio Tinto saw their share price rise as commodities strengthened.