They say diamonds are a girl's best friend, but not for her wallet if she expects to purchase global mining giant Rio Tinto's largest and most exquisite violet coloured diamond unearthed from their Western Australia diamond mine.

Known as the Argyle Violet, the 2.83 carat polished oval shaped diamond is expected to fetch a multi-million dollar fee when showcased as the dazzling centrepiece of Rio's 2016 Argyle Diamonds Pink Tender later this year, Rio announced on Tuesday.

More than 90 percent of the world's rare pink diamonds come from Rio's Argyle mine in the Western Australia state Kimberly region. The mine is the only known source of the exceptional violet diamonds, producing only 12 carats of polished gems for the tender in its 32 years of operation.

"Impossibly rare and limited by nature, the Argyle Violet will be highly sought after for its beauty, size and provenance," Rio Tinto Diamonds general manager of sales Patrick Coppens said.

The tender attracts private bids for Rio's most exclusive diamonds with prices fetching over one million Australian dollars per carat.

The 2016 Argyle Pink Diamonds Tender will commence private trade viewings in June and travel to Copenhagen, Hong Kong and New York. Endit

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