552-carat diamond found in N.W.T. now on display in New York

The largest diamond ever found in North America at 552 carats was on display at Phillips auction house in New York on Wednesday.

Yellow diamond was unearthed at Diavik Diamond Mine northeast of Yellowknife

A 552-carat diamond discovered in the Northwest Territories was displayed in New York City Wednesday. (Carlo Allegri/Reuters)

The largest diamond ever found in North America at 552 carats was on display at Phillips auction house in New York on Wednesday.

The egg-sized fancy yellow diamond was discovered in October at the Diavik Diamond Mine in the Northwest Territories.

The mine is about 300 kilometres northeast of Yellowknife.

Dominion Diamond Mines and Rio Tinto Group unearthed the diamond, which is currently ranked 25th on the list of the world's largest rough diamonds.

James Pounds, executive vice-president of Dominion Diamond Mines said the diamond's value is unclear because it still needs to be cut and polished.

'This was a diamond that was meant to be,' says James Pounds, of Canada's Dominion Diamond Mines 0:43

"To me, it's priceless," he said. "To me, with someone born into natural diamonds, natural rough diamonds, I don't even want to see it cut. I just think it's beautiful as it stands."

Pounds said the company plans to consult with experts around the world, "on how we're going to liberate the most beautiful piece of polished [stone] out of this."

The diamond will be on display at Phillips through Sunday.