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The diamond is among the largest Fancy Vivid Yellow diamonds in the world, Sotheby's said in a statement.

The U.N. Security Council put the diamond export ban in place in 2005.

There was an increase of 12.65 percent in exports of cut and polished diamonds totaling $19.6 billion, and an increase of 12.0 percent in imports of rough diamonds to $16.7 billion, indicating an increase in cutting, polishing and other manufacturing activities in India, the GJEPC reported.

The new law will call for the setting-aside of some of the diamonds mined in the country for local polishing, Chidhakwa said, reported South Africa’s NewsDay.   

Anglo American, which has an 85-percent stake in De Beers, said diamond output soared 18 percent on the year in the first quarter of 2014 to 7.532 million carats.

Prepared by the CIBJO Ethics Commission, led by Cecilia Gardner, the report looks at ethical advertising principles and standards for the gemstone and jewelry sectors.

The company reported preliminary sales of rough diamonds in the first quarter rising by 24 percent on the year to at least $1.5 billion.

The standout item was a pair of circular-cut, D, internally flawless diamonds weighing 22.60 carats and 22.31 carats that were bought for $8,565,000.

Russian diamond giant Alrosa reported a 12-percent increase on the year in revenue for 2013 to $4.67 billion (168.5 billion rubles) due to increased rough diamond sales.

The microscope, fitted with optics from the famous Zeiss company, features special lighting and a safe vacuum that holds the diamond.

Israel Diamond Exchange President Shmuel Schnitzer gave Yuri Okiomov a review of the planned activities of the bourse for the coming year. Okiomov responded positively to the invitation of the Israeli bourse to participate in the upcoming rough and polished events.

The Israel Diamond Exchange is inviting foreign buyers and members of the bourse to a special reception event being held today (Wednesday).