Giant pink diamond could be most expensive ever found by Russian mining company

Sept. 25 (UPI) -- A Russian mining company has unearthed a massive pink diamond they believe could be the most expensive gem yet recovered by the group.

The 27.85 carat pink gem was recovered by Alrosa PJSC from the company's alluvial mines in the northwest part of Yakutia in Russia's Far East.

According to Alrosa, the pink gem is of jewelry quality with almost no defects. It measures 22.47 by 15.69 by 10.9 millimeters.

Until the latest diamond was unearthed, the biggest pink gem recovered by Alrosa measured 3.86 carats.

"Experts of Alrosa are currently studying this gem to decide on whether to sell it as a raw diamond or cut it," Evgeny Agureev, head of the United Selling Organization of ALROSA, said in a news release. "Big gems, especially of rare colors, traditionally enjoy high demand at auctions. Considering that no similar gems have been before in Alrosa's history, we can say it will be the most expensive diamond of all time in Alrosa, if it is decided to cut the diamond in the company."

"The unique characteristics of the diamond make it an extraordinary, rare stone of high value," Agureev added.

Earlier this year, a humongous pink diamond, measuring 59.60 carats, sold at auction in Hong Kong for $71.2 million -- the most ever paid for a gem at auction.