$1.5 million gigantic diamond unearthed in Russia

Cecilia Jamasmie | September 28, 2012 | 3:33 pm Europe Diamond

A jaw-dropping 158.2-carat diamond worth over $1.5 million, which was discovered in Russia early this month by Alrosa, was shown to the public for the first time Thursday.

Russia’s largest diamond mining company said the gem was discovered at factory No. 16 of the Nyurbinsk mine in the Republic of Yakutia, northeastern Russia, UPI reports.

“In the estimate of Alrosa’s specialists, this diamond may be sold for over $1.5 million at auction. This diamond, if it is processed, may also produce several quality diamonds, each of them worth over several hundred thousand U.S. dollars,” the company said according to the news agency.

Based on a list of the world’s major uncut diamonds, published by 24hgold, the new find is the 32nd heaviest ever discovered.

Alrosa is one of the largest diamond companies in the world. It accounts for about 28% of worldwide production and 97% in Russia. The company has proven diamond reserves that allow it to keep diamond production for the next 25 years.

The company is set to release its International Financial Reporting Standards (IFRS) next Thursday, Oct. 4.

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