Miners in the African country of Angola have discovered what is thought to be the biggest pink diamond in 300 years.

Named Lulo Rose, the big pink gemstone of 170 carats was found in the Lulo diamond mine, according to owners the Lucapa Company – an alluvial mine, meaning it was found in a riverbed.

“Only one in 10,000 diamonds is coloured pink. So you’re certainly looking at a very rare article when you find a very large pink diamond,” Lucapa chief executive Stephen Wetherall told the Associated Press.

It will likely fetch a high price when it heads to the auction room, but Mr Wetherall suggested its colour could give it an even higher premium.

“We’re looking for the kimberlite pipes that brought these diamonds to the surface,” Mr Wetherall said.

“When you find these high-value large diamonds… it certainly elevates the excitement from our perspective in our hunt for the primary source.”

The mine employs around 400 staff, and has already discovered the two largest diamonds ever found in Angola, which includes a 404-carat clear diamond.

Lulo’s latest discovery is the fifth-largest diamond – pink or otherwise – to be found at the site, and will be sold by Angola’s state diamond marketing company Sodiam.

The country itself is in the top 10 producers of diamonds in the world.

Angola’s minister of minerals, oil, and gas, Diamantino Azevedo, said: “This record and spectacular pink diamond recovered from Lulo continues 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.”

While the 170-carat pink diamond is impressive, many clear diamonds often tip the scales at well over 1,000.

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