An extremely rare pink diamond has gone on sale in Australia for a staggering two million AUD (1.3 million USD).

Multinational mining company Rio Tinto unveiled the sparkling jewellery piece called the 'Argyle Rose', which features one of the last pink diamonds to be mined from the Argyle mine in the Kimberley region.

At the centre of the 3.25-carat piece, which can be worn as a pendant or ring, is a 1.36-carat Deep Pink radiant cut diamond surrounded by blue and white diamonds in a rose pattern. The gems were hand-set in 18 karat gold and platinum, while the pink gemstone is said to have the highest colour grading 1P.

The Argyle Rose was designed by Solid Gold Diamonds, and will be displayed for sale in Perth's Central Business District before being exhibited overseas if it is still not sold.

Sinead Kaufman, Rio Tinto's minerals chief executive, said: 'The value of pink diamonds still goes up and double-digit growth year on year. The mine might be finished but people are still owning and loving pink diamonds.

'We get a lot of emotional attachment.

'These rare and precious diamonds are one and a half billion years old, from one of the most beautiful places on earth, and the world is simply not producing them anymore.'

The Argyle is one of the world's most prolific diamond mines, producing around 865 million carats of rough diamonds before its closure in 2020. It was one of the few known sources of pink diamonds globally.

Peter Greene, Executive Chairman of Solid Gold Diamonds added: 'As a pioneer custodian of Argyle pink diamonds, it was incredibly humbling to be asked to design a true generational heirloom for the Argyle Pink Diamonds Icon program.

'Solid Gold Diamonds has built a strong partnership with Argyle Pink Diamonds over the past three decades. During this time, we have had the privilege of transforming these precious pink diamonds into coveted jewellery pieces. The Argyle RoseTM design signifies the pinnacle of our long-standing relationship.'