It's the world's largest cut faceted emerald and is set to auction in Kelowna, British Columbia, Canada, later this month. The rare jewel weighs 57,500 carats — roughly 11 kilograms.
"The emerald's name is Teodora, which means 'gift of God' in [Portuguese]," said owner Regan Reaney as quoted by the Toronto Sun newspaper.
Mr Reaney acquired the gemstone along with an investment partner after the rare jewel was discovered down a mine in Brazil.
According to Reaney, the stone was then sent to India and cut before it wound-up in Canada.
The world's largest cut faceted emerald made headlines in Canada, earlier this week, when it was transported to Calgary to be appraised by a local jewel expert.
The 57,500 carat emerald's value is estimated at CA$1.15m - although experts think this could be a conservative figure.
"It's super rare," said Reaney. "It's almost ... priceless because [of] the size of it."
According to early reports, the rare emerald has already attracted open tender bids from collectors around the world - from Houston, Texas, to Dubai and elsewhere.
Given the immense values which rare gems have attracted at auction in recent times - like the vivid yellow diamond which sold for $6.6m at a rate of $203,000 per carat last year - this sale is certainly one to watch.