A $14 million diamond has been unearthed in Angola.
The 404-carat gem is 2.7 inches long and weighs about 2.8 ounces. It was mined from the Lulo diamond field in the African country's northeastern Lunda Norte province by the Perth, Australia, based Lucapa Diamond Company.
The spectacular rock smashes the previous record set for a diamond found in Angola, according to a press release. A 217.4-carat diamond was discovered there in 2007.
Lucapa chairman Miles Kennedy told ABC Australia the find was a "wonderful vindication of eight years of pretty hard work."
"When we first looked at the property, 3,000 square kilometers (1,864 square miles) of untouched ground, 700 kilometers (434 miles) inland from the coast, you are talking about a very, very remote area," he said.
When asked how much the diamond was worth, he was unsure, but said slightly smaller diamonds tend to be worth $20 million in Australian dollars, or about $14 million U.S.
"We're not used to valuing 400-carat diamonds," Kennedy told ABC.
After the Lucapa Diamond Company announced the discovery of the diamond on Monday, its shares soared by 29 percent, the Sydney Morning Herald reported.
Lucapa is partnered with Angola's national diamond company Endiama and local business Rosas & Petalas on the diamond field.
Endiama chairman Carlos Submula said in the statement that it was "a significant day" for the country and the diamond industry as a whole.
"The Lulo diamond field is an example of what we would like to showcase to the world to encourage international investment in Angola's diamond mining industry," he added.
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