Western Australian Premier Colin Barnett yesterday unveiled the $A1 million Kimberley Treasure coin, which features 1kg of 99.99% fine gold and a radiant cut 0.54 carat red diamond.

“The Perth Mint and Rio Tinto’s Argyle diamond mine have both been at the hub of Western Australian industry for decades, so I am delighted to unveil a collector’s item which captures two of the most beautiful treasures of our state,” Barnett said.

The coin, which is legal tender, is for sale and will be on display at The Perth Mint until late August.

“We are delighted to collaborate with The Perth Mint on the exclusive release of this distinctive investment piece,” Rio diamond business managing director Simon Trott said.

“It is a beautiful symbol of the unique treasures of Western Australia and sets a new benchmark in limited edition craftsmanship.”

Argyle produces a very small proportion of rare pink diamonds and an even smaller proportion of rare red diamonds. On average one carat of rare red diamonds a year is produced from the Argyle mine.