The diamond is light pink in color. It is similar to the Williamson Pink diamond that Queen Elizabeth received as a wedding gift and was subsequently set into a brooch for her Coronation.
The rare diamond is estimated to be worth millions and has been named the Argyle Pink Jubilee.
The process of cutting and polishing the stone has already started in Perth and is estimated to take about 10 days. It will be sold this year after being shown around the world, including in New York and Hong Kong.
When the diamond has been cut and polished, it will be graded by a team of international experts and showcased to the world before being sold as part of the Argyle Pink Diamonds Tender later this year.
This rare diamond is generating incredible excitement. A diamond of this caliber is unprecedented - it has taken 26 years of Argyle production to unearth this stone and we may never see one like this again. The individual who gets to wear this remarkable pink diamond will be incredibly lucky indeed, said Argyle Pink Diamonds manager Josephine Johnson.
Over 90 percent of the total pink diamonds found in the world has come from the Argyle mine.
When a large pink diamond is found, it is often sent to museums or gifted to royalty or end up at auction houses like Christie's.
Christie's has sold over 18 polished pink diamonds over 10 carats in its 244-year history.