Miners just discovered the largest pink diamond in more than 300 years

The diamond is most certainly going to surpass all other gemstone sales records in price.

A enormous pink diamond that may be the largest of its kind discovered in the last 300 years has been unearthed by miners in Angola.

The Daria-i-Noor diamond, the biggest pink diamond in the world and currently a part of the Iranian National Jewels, is estimated to weigh 182 carats. The pink diamond is reported to weigh 170 carats, making it somewhat smaller than this stone.

According to a statement from the Lucapa Diamond Company, which owns Lulo and one other diamond mine in Angola, the new diamond has been given the name "Lulo Rose" after the Lulo mine in northern Angola where it was discovered. 27 diamonds weighing more than 100 carats have been discovered by the Lulo mining operation since 2015, including the biggest diamond ever discovered in Angola, the 404-carat "4th February Stone," which sold for $16 million in 2016.

The fifth-largest diamond discovered in Lulo, The Lulo Rose, is anticipated to fetch an even greater price.

Pink diamonds are very uncommon, and researchers are still unsure of the process that gives these stones their rose color. The Pink Star, a rough 132-carat pink diamond, was discovered by South African miners in 1999. The Pink Star, the most costly diamond ever sold, was created over the course of nearly two years by professionals who gradually grind and sliced the rock into a 59-carat jewel. The Pink Star was auctioned off in 2013 for around $83 million.

The Lulo Rose will also need to be reduced from its bulky size, which may cause its weight to decrease by as much as 50%, according to the announcement. The vibrant pink stone is ready to create a new sales record of its own, even if the Lulu Rose is downsized to 85 carats.

Since 2500 B.C., people have been buying and selling diamonds, according to a recent Live Science study. Their brilliant beauty and exceptional rarity made them a sought-after status symbol that only the richest people in the world could buy for millennia.

When carbon deposits are exposed to the intense heat and temperatures of the core Earth, diamonds are created in the deep Earth, generally 100 miles (160 kilometers) or more below the surface of the planet. While some diamonds may surface during volcanic eruptions, the majority are now discovered by global mining operations.

According to a report published in 2018 by the non-profit Human Rights Watch, the mining of diamonds has been linked to the eviction of Indigenous peoples, worker exploitation, pollution, and violations of human rights. Each year, about 90 million carats of rough diamonds are mined for jewelry, bringing in more than $300 billion worldwide.