U.S. authorities in Akron, Ohio have received the green light from a federal judge to auction off one of the largest and finest diamonds ever unearthed, known as the Golden Eye Diamond.

The 43.5 carat diamond, believed to be the world's largest, flawless, 'perfect-cut' Canary Yellow diamond, was seized several years ago by federal authorities during a money laundering sting in Ohio.

Federal prosecutors say that the diamond, which was confiscated from a man who tried to sell it to an undercover agent posing as a broker for a South American drug cartel, could be worth up to $20 million when brought up for auction.

A date for the auction has not been announced yet.

Federal Judge John Adams said in his ruling this week that all proceeds from the auction will be going to the government. He also rejected ownership claims for the fine diamond by several parties, including the children of Paul Monea, who was the rock's previous owner and was convicted of money laundering.

The goldeneyediamond.com website, dedicated solely to the story of this diamond, claims the diamond, which weighed 124.5 carats in its uncut form, was discovered in 1871 in the Kimberley area of South Africa and is considered the diamond which ignited the modern diamond industry there.