It may not fit atop many engagement rings, but a 158.2-carat diamond unearthed in Russia this week will still melt hearts and wallets after it was valued at more than $1.5 million.

The diamond was discovered in an ore mine in Nyurbinsk -- in Russia's northeast region -- which is managed by Alrosa, one of the country's largest diamond mining corporations, Russian news agency RIA Novosti reported.

The company produces 97 percent of all diamonds in Russia.

"In the estimate of Alrosa's specialists, this diamond may be sold for over $1.5 million at auction. This diamond, if it is processed, may also produce several quality diamonds, each of them worth over several hundred thousand U.S. dollars," an Alrosa spokesperson said in a statement.

While the Russian diamond is turning heads around the world, it's not the largest rough diamond ever discovered.

According to, the world’s largest rough diamond -- the 3,106-carat Cullinan diamond -- was uncovered in 1905 by Frederick Wells at the Premier Mine in Pretoria, South Africa.

The largest cut diamond is the Golden Jubilee at 545.67 carats, which was discovered in 1987.

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