Rio Tinto Announces 12.76 Carat Rare Pink Diamond Find in Western Australia

Posted on February 22, 2012

Australian mining giant Rio Tinto announced the discover of a 12.76 carat natural pink diamond, which is the largest pink diamond found in Australia. The diamond has been named the Argyle Pink Jubilee. The stone was found in the Kimberley region of western Australia, where pink diamonds are mined. Rio Tinto said it would take 10 days to cut and polish. The stone will be graded by experts then sold at auction. Early estimates put the stone's worth at $1 million. Even in the rough, the stone is absolutely gorgeous. CNN's Lisa Sylvester reports.