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Gem Diamonds of London said the diamond was found two weeks ago at the Letseng Mine, where it has partnered with the Lesotho government, iAfrica.com reported. It's now ensconced in Antwerp, Belgium, for analysis.

The mine, which previously was owned by De Beers, previously produced three of the world's biggest diamonds, the Web news site said. The other large stones were the Lesotho Promise at 603 carats, the Lesotho Brown at 601 carats and the 493-carat Letseng Legacy.

The latest find has been categorized as a Type II D color stone, meaning it is of the highest grade possible for a white diamond.

Gem Diamonds said it saw no inclusions in its rough form and potentially could yield one of the largest flawless round polished diamonds of its type in history.

"Preliminary examination of this remarkable diamond indicates that it will yield a record-breaking polished stone of the very best color and clarity", said Gem Diamonds Chief Executive Officer Clifford Elphick.

While the diamond has not been priced, a similar sized stone of inferior quality sold for nearly $12 million.

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