If you wanted $22.5 million, you could sell  465,935 tonnes of of Australian iron ore, or you could sell a single seven-centimetre stone that fits neatly in the palm of one hand.

Australian mining company Lucapa has done the latter, selling the monster 404 carat diamond it found at its mine in Angola earlier this month for $US16 million ($22.5 million). Jewellers consider finished diamonds over 1.7 carats to be large.

It was sold through the Angolan Government diamond marketing board, known as Sodiam, which sells all diamonds found in Angola.

It is the fourth diamond out of Lulo to have more than 100 carats.

The legendary Hope Diamond is a little over one-tenth of the size of the unfinished 404 carat Lucapa stone. It is understood to ahve weighed between 110 and 115 carats before it was cut.

Lucapa declined to disclose the identity of the buyer.

Read more:  http://www.smh.com.au/business/mining-and-resources/australian-mining-company-lucapa-sells-monster-404-carat-diamond-for-225-million-20160229-gn6erh.html#ixzz44Sx5WoK1 Follow us: @smh on Twitter |  on Facebook sydneymorningherald