Diavik Midnight Sun Ring has been valued at $1.24m

Pink and yellow diamonds from two iconic Rio Tinto mines - Argyle and Diavik - have been brought together to create a unique ring.

It's called Diavik Midnight Sun and has been valued at $1.24m.

An 18.08-carat fancy intense yellow oval diamond from Diavik, in sub-Arctic Canada, contrasts with an intricate set of rare Argyle pink diamonds, from the now-closed mine in the remote East Kimberley region of Western Australia, weighing 4.09 carats in total.

The yellow diamond was cut from a 36.75-ct rough gem, described as one of the finest large yellow diamonds uncovered at Diavik.

Rio Tinto's general manager of sales and marketing for its diamonds business, Patrick Coppens said "This combination of a rare yellow Diavik diamond and Argyle Pink Diamonds, the rarest diamonds in the world, is a special moment in the history of Rio Tinto's unique place in the natural fancy coloured diamond industry.

He paid tribute to luxury jeweller Musson for creating the ring. The Diavik Midnight Sun takes its inspiration from the exquisite natural phenomenon that occurs when the sun is seen at midnight in the Arctic, exhibiting beautiful golden and pink hues.