The largest pink diamond ever found at Rio Tinto's Argyle diamond mine in east Kimberley region of Western Australia is now reportedly being cut and polished in Perth in what will be a 10-day process.

The 12.76-carat light pink diamond, to be known as the Argyle Pink Jubilee, is being cut and polished as a single stone by Richard How Kim Kam, who has worked for the company for 25 years, reports the Australian Associated Press. Sources say the cutting and polishing of the stone follows two months of careful assessment and planning.

Rio Tinto did not indicate in a statement this week how much the gem was expected to fetch, but says pink diamonds attract, on average, 20 times the price of an equivalent white diamond.

In the next few weeks, the polished gem will be graded by a team of international experts and shown around the world, then sold as a part of the Argyle Pink Diamonds Tender later this year, reports the news source.

Argyle Pink Diamonds Manager Josephine Johnson said a diamond of its calibre was unprecedented. "It has taken 26 years of Argyle production to unearth this stone and we may never see one like this again," ohnson said, as quoted by the Australian Associated Press.