A BRISBANE jeweller has bought a red diamond which he says is only one of only seven ever found in the world.
At 0.54 carats with a diameter of 5.13mm, the brilliant-cut diamond named "The Lady in Red" is not going to set any records for its carat weight.
Its not going to set any records in clarity, either, being rated as an I1, meaning it has inclusions or flaws visible to the naked eye.
But what it lacks in those respects, is more than made up for in colour, said Cameron Robinson, managing director of Bruce Robinson diamonds.
He bought the stone, mined in Western Australias Kimberley region, as one of 65 in the 2006 Argyle Pink Diamond Tender, which is held by invitation only.
Less than one per cent of all the diamonds mined are classed as pink and the chances of finding a red stone have been estimated at one in 60 million, Mr Robinson said.
The purchase price will remain a secret, but its for sale again.
"This is a very rare and unique diamond," he said.
"It started out as a 1.46 carat rough crystal and was cut back to a 54 point (0.54 carat) rough diamond."
"Its one of only seven ever found world wide and is exquisite, like a full-bodied red wine."
The last red diamond sold went for $980,000 a carat 20 years ago, he said.
But Mr Robinson dismissed suggestions a would-be red diamond owner without the cash could pass off a red cubic zirconia costing a few hundred dollars at most as the real thing. It wouldnt have the "bling".