Australian mining company finds 404-carat diamond

A West Australian mining firm has found a record breaking 404-carat diamond believed worth over $14 million.

According to reports on Tuesday, the Lucapa Diamond Company, based in Perth but operating in the African nation of Angola, found the 404-carat diamond at its Lulo Diamond Project site, with estimates putting it as the 27th largest diamond ever found, Xinhua news agency reported.

The company's chairman, Miles Kennedy, said that the diamond ticked off a "number of firsts" for diamond exploration.

"When we first looked at the property, 3,000 sq.km of untouched ground, 700 km inland from the coast, you are talking about a very, very remote area," Kennedy said.

"It's the biggest diamond ever recorded from the country of Angola and it's the biggest diamond ever recovered by an Australian diamond miner," he said.

The chairman said selling that diamond alone would allow the company to expand its Angola operations.

The largest ever 3,167-carat diamond "Sergio" was found in Brazil in 1893.