Largest Pink Diamond Find in 300 Years Reported in Central Africa; 170-Carat 'Lulo Rose' to Fetch Over $71 Million

Miners have found the largest pink diamond in the past 300 years in Central Africa. The 170-carat diamond was discovered in the Lulo mine in Angola. The rare diamond unearthed in the Australian-operated site has been named 'Lulo Rose'.

The actual size of the stone will only be known once it's cut and polished. As in this process, nearly half of the size of the stone is usually reduced. The stone is expected be auctioned to buyers over a record price of $71.2 million.

The 170-carat diamond is discovered in the Lulo mine in Angola.
The 170-carat diamond is discovered in the Lulo mine in Angola. Twitter

Lulo Rose Is Found in Angola's Diamond-Rich Northeast

The diamond is the 27th stone of over 100 carats to be found in Angola's diamond-rich northeast and the fifth largest ever to be found at the site, according to a report.

'This record and spectacular pink diamond continue to showcase Angola as an important player on the world stage for diamond mining and demonstrates the potential and rewards for commitment and investment in our growing diamond mining industry,' Mineral Resources Minister Diamantino Azevedo said, according to Daily Mail.

'Lulo Rose' Is Expected To Be Auctioned For Over $71.2 Million

So far, the record auction price for a pink diamond was received in 2017. The 59.6-carat 'CTF Pink Star' was auctioned for 71.2 million in Hong Kong.

The record amount received for 'Pink Star' is endorsing a claim that 'Lulo Rose' will definitely be auctioned more than $71.2 million.

Chairman of the Board of Endiama, Angola's state-run diamond company, Dr Jose Manuel Ganga Júnior has stated that the diamond field had once again delivered a large and precious gemstone.

Terming the discovery of the pink diamond as a significant day for the Angolan diamond industry, Dr Jose called it the result of the long-standing partnership between Endiama, Lucapa and Rosas and Petalas.

In the past, a 15.8-carat pink diamond set on a platinum and gold ring dubbed 'The Sakura', the Japanese word for cherry blossom, sold at auction for $US29.3million in May, 2021. It was sold alongside 'The Sweet Heart,' a 4.2-carat heart-shaped pink diamond ring that ended up being sold for $US6.6million, according to Daily Mail.

This article was first published on July 27, 2022