Even the most elaborate engagement rings on Pinterest have nothing on this diamond.Australia's Lucapa Diamond Company announced Monday that miners in Lulo, Angola, have discovered a whopping 404.2-carat diamond. The 3-inch-long gem is estimated to be worth at least $20 million AUD (about $14.3 million USD ), according to Australia's ABC News The Lulo diamond is the largest ever found in the southern African nation of Angola — and the 27th-biggest diamond ever recorded in the world, according to Lucapa . By value, Angola is the fourth-largest diamond producer in the world, NBC News notes In addition to its massive size, the Lulo diamond is noteworthy because it's virtually flawless. The diamond has been classified as Type IIa, a category reserved for flawless diamonds (which account for less than 1% of all diamonds on Earth), NBC News explains . The diamond is also colorless, another rare factor that enhances its value As for the world's largest diamond on record, that distinction belongs to the Cullinan Diamond, found in South Africa in 1905. The massive rock weighed more than 3,100 carats and was divided into nine parts, NBC News notes. The largest of the nine fragments, the "Great Star of Africa," is featured in a gold scepter that is part of the British Crown Jewels.