A 170-carat pink diamond discovered in Angola may be the largest such gemstone found in 300 years, according to Australian miner Lucapa Diamond Company.

Named the "Lulo Rose," the diamond was found at the Lulo alluvial diamond mine in the Lunda Norte region of Angola in Africa, the company said in a statement on Wednesday, with its partners, state-run diamond minerEndiama and Rosas & Petalas, a private Angolan company.

Angola's mines are among the world's top ten producers of diamonds, according to the Gemological Institute of America, which researches diamond production. In alluvial diamond mining, stones are recovered from gravel and sand found on riverbeds.

The pink gemstone is expected be auctioned by the Angolan state diamond marketing company, Sodiam. Wetherall declined to give an estimate of its worth because the diamond is still being examined and valued.

The Angolan government also hailed the "historic" recovery of the gem.

"The record and spectacular pink diamond recovered from Lulo continues to showcase Angola as an important player on the world stage for diamond mining and demonstrates the potential and rewards for commitment and investment in our growing diamond mining industry," said Diamantino Azevedo, Angola's minister of mineral resources, petroleum and gas.

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