£15m frenzy as miners discover world's biggest diamond

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The world's biggest diamond, weighing an astonishing 6,000 carats or 42oz, has reportedly been discovered in a South African mine.

That would make it twice as big as the previous record holder for a rough, gem-quality diamond, the 3,106-carat Cullinan found in 1905 near Pretoria.

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A photo of the uncut diamond, shown next to a mobile phone to illustrate its size

Dealers were preparing for a bidding war yesterday and speculating that the monster rock could be worth as much as £15million.

Its ultimate value will depend on how clear it is and how many flaws it contains, such as cracks, gas bubbles or carbon marks.

The super gem is said to have been discovered in North West province and to be on its way to the country's most heavily-guarded and secure unit at the South African Diamond Board centre in Johannesburg.

Dealer Chris Smit said up to half the rock could be lost when it was 'cleaned up'.

During the process, hundreds or even thousands of smaller diamonds would be created which would all have extra value because of their association with the larger gem.

The Cullinan Diamond was given to Edward VII before it was cut into smaller rocks including the 530-carat Great Star of Africa, which is mounted in the Sceptre with the Cross and is kept in the Tower of London.

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The Millenium Star, shown here, is the world's second biggest flaweless diamond, weighing 203 carats. The newly-discovered stone could produce an even larger gem

It may be a bit large for some people's tastes, but the Millenium Star certainly would make a noticeable solitaire if one were so inclined