Massive violet diamond discovered in Western Australia

The Rio Tinto Argyle mine in Western Australia is responsible for turning up most of the world's rare pink diamonds — and now it's revealed something even rarer. Rio Tinto Diamonds announced Tuesday that its annual showcase this year will feature a massive violet diamond discovered in the mine. The stone was more than twice the size of the next-largest violet diamond found in the mine; in its original state, the diamond was more than nine carats, and after being cut and polished it stands at 2.83 carats.

While Rio Tinto has not put a fine point on the diamond's worth, its incredible rarity ensures the price tag will be high. Pink and red diamonds, which are much less rare than violet diamonds, are worth "about 50 times more than white diamonds," Discovery News reports. (Argyle pink diamonds, for instance, sell for about $1-2 million per carat.) According to Rio Tinto, only 12 carats of polished violet diamonds have been produced for its annual tender in the last 32 years.

The rare violet diamond will go on display beginning with private trade viewings in June. It will then travel to Copenhagen, Hong Kong, and New York with Rio Tinto's annual pink diamonds showcase.