A 170-carat pink diamond discovered in Angola may be the largest gemstone found in 300 years, according to Australian miner Lucapa Diamond Company.

Named “Lulo Rose,” the diamond was found at the Lulo alluvial diamond mine in Angola’s Lunda Norte region in Africa, the company said in a statement Wednesday, with its partners, the state-owned diamond miner. Endiama and Roses & Petals, a private Angolan company.

Angola’s mines are among the world’s top 10 diamond producers, according to the Gemological Institute of America, which researches diamond production. In alluvial diamond mining, stones are recovered from gravel and sand found in river beds.

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Only one in 10,000 diamonds found is coloured, according to Stephen Wetherall, managing director of the Lucapa Diamond Company.

“And only one in 100 diamonds is larger than 10.8 carats, so to recover a 170-carat pink diamond means we’re dealing with an extremely rare item,” Wetherall said.

“We have recovered pink diamonds before, but finding one of this size is extremely rare,” he said.

The pink gemstone is expected to be auctioned off by Angola’s state-owned diamond trading company, Sodiam. Wetherall declined to give an estimate of its value because the diamond is still being examined and valued.

The Angolan government also praised the “historic” recovery of the gem.

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