ANGOLA - An Australian mining company struck paydirt in Southern Africa as they uncovered a diamond worth more than $20 million.

The 404-carat diamond was mined at Lucapa Diamond Company’s Lulo Diamond project in Angola’s Lunda Norte province. It’s the biggest diamond ever found in the country.

Lucapa chairman Miles Kennedy said the “spectacular” white diamond is considered to be of excellent quality, and estimates it could be valued at more than $20 million.

"We're not used to valuing 400-carat diamonds, but if we look at other diamonds slightly less weight than this, you're looking in the order of $20 million,” Kennedy said.