Miners in Angola have extracted a rare, pure pink diamond, believed to be the largest diamond discovered in the world in 300 years, according to the Australian mining company managing the site. The diamond, weighing 170 carats, has been named "Lulo Rose," after the mine it was extracted from, located in northeastern Angola.
The company "Lucapa Diamond" stated in a release to investors that it is one of the largest pink diamonds ever discovered. The Angolan government, a partner in the mine, welcomed the historic discovery of this diamond, which is of a type that includes rare and pure stones.
According to Agence France-Presse, Angolan Minister of Mineral Resources Diamantino Azevedo said, "This amazing record-breaking pink diamond extracted from Lulo once again shows Angola's global significance in the diamond extraction sector."
Although the "Lulo Rose" will still need to be cut and polished to achieve its full value— a process that can see the stone lose 50% of its weight— similar pink diamonds have fetched record prices at auctions in the past. In 2017, the 59.6-carat diamond "Pink Star" was sold at auction in Hong Kong for $71.2 million, and it remains the most expensive diamond in history.
