A 10.11-carat pink diamond due to be sold off the block in Toronto on October 3 has been valued at $2.5 million to $3 million, and could sell for anywhere from $8 million to $12 million, the Toronto Star reports.



Canadian Gemological Association President Duncan Parker called the diamond, which has a clarity grade of Vs2 (Very Slightly Included) and is on display at the Park Hyatt Hotel, "really extraordinary stuff."

The most expensive diamond auctioned in Canada to date fetched $250,000. Last December, the sale of a 5-carat internally flawless pink diamond for $10.8 million set a world record per-carat price.



The Argyle mine in Western Australia produces 90% of the world's rare pink and red colored diamonds, which comprise less than 0.1% of all diamonds.