The 2.75 carat pink diamond is the largest of its kind ever to be mined in Canada.
Light pink in colour, the oval cut stone is set in a ring of 18-karat white gold and is surrounded by smaller pink and white diamonds. It was designed by American designer Simon G. and is retailing at Lugaro's West Vancouver location for $425,000.
The diamond is of SI clarity and originates from the Victor Mine in Ontario, owned and operated be De Beers Canada, according to a media release.
"Canadian diamonds resonate with our clients and we are excited to have one of the rarest of them all, a pink diamond like no other," said Steve Agopian, president of Lugaro Jewellers, in the release.
Pink diamonds are considered the most expensive natural creation in the world, based on weight.