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Pink diamonds are both the rarest and the most expensive diamonds in the world. The lion's share of pink diamonds (approximately 95%) comes from Australia 's Argyle Mine, but they are also found in India , South Africa and Brazil . On the world market Australian pink diamonds command the highest prices as their darker colour makes them more commercially desirable. Top quality pink diamonds can command as much as $1 million a carat.

The world's largest pink diamond, known as Darya-i-Nur , is set in the Iranian crown jewels and weighs 186 carats. Measuring roughly 4x3cm the appropriately named Sea of Light was thought to have been hewn off the monumental Great Table Diamond, which reportedly weighed more than 400 carats.

Unless you have a seven figure bank-balance it's unlikely that you'll ever own a natural pink diamond. However, you might be able to afford a 'cultured' pink diamond. Today scientists are able to recreate the conditions necessary to form a diamond in the laboratory. After treating carbon with intense heat and pressure for between six weeks and fifteen months a diamond is produced, which is much more likely to be within your financial reach. If you hope to buy a natural pink diamond insist that your gem dealer supplies you with the correct paperwork (usually approved by either the Gemological Institute of America or the European Gemological Laboratories)

The latest twist in the story of pink diamonds came in the summer of 2003 when it was reported that a unique 13.7 carat diamond had been discovered in South Africa 's Tirisano Diamond Mine. Dubbed the Tirisano Easter Diamond this priceless gem turns a fluorescent shade of pink when ultra violet light is shone on it.

Scientists have yet to put forward a convincing explanation as to why pink diamonds have their color, but the finger of blame tends to be pointed at extraordinary geological pressures being applied to carbon for vast periods of time (2.5-3 billion years).

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