Aussie diamond miner Lucapa will auction a giant 163-carat stone hailed as “the world’s most beautiful” later this year.

The emerald cut diamond is the biggest gem cut from a record 404-carat stone discovered at the company’s eastern Anglola diamond mine, Lulo, in February 2016.

It is reportedly the biggest diamond found in the country and the 27th biggest ever recorded.

Shares in Lucapa Diamond Company (ASX:LOM) were steady at 27c on Friday afternoon.

The 163-carat diamond took 11 months to cut and polish and is featured in a necklace designed by Swiss high end jeweller, de Grisogono.

The 163 carat diamond is the largest to come to auction.
The 163 carat diamond is the largest to come to auction.

It was unveiled at Christie’s in Hong Kong as the largest ever to come to auction and will go under the hammer in Geneva, Switzerland, on November 14 after touring London, Dubai and New York.

Lucapa Managing Director Stephen Wetherall said the Lulo partners were extremely proud to have recovered the rough diamond from which the exceptional 163 carat flawless gem originated.

“This spectacular flawless diamond underlines why Lulo is such an extremely special diamond resource,” said Mr Wetherall.

“Lulo produced the highest value diamond production in the world in 2016 and we continue to produce large and premium-value alluvial diamonds from Lulo on a regular basis.

The "world's most beautiful diamond" up for auction.
The “world’s most beautiful diamond” up for auction.

“We believe the primary hard rock source of these exceptional alluvial diamonds will also be a special kimberlite discovery, which is why Lucapa and its partners have ramped up the drilling of the priority kimberlite targets we have defined at Lulo.”

The find was made at its flagship project but also the company also mines at a number of sites across Angola, Lesotho, Botswana and Australia.

Earlier this year they reported discoveries including two “Type lla” diamonds, weighing in at a hefty 83 and 68 carats.