Rich coin collectors might be interested in the very first one-million-dollar Kimberley Treasure coin unveiled by Western Australian Premier Colin Barnett on Tuesday. Created by the Perth Mint, the one-kilogram coin is made from 99.99 percent pure gold and encrusted with 0.54 carat red Argyle diamond worth about $950,000, the only coin in the world to feature a red diamond from the Argyle Diamond Mine.

The Kimberley Treasure coin features an image of a red kangaroo holding the rare gemstone between its paws. Its other side depicts Her Majesty Queen Elizabeth II carved by the famous British sculptor Ian Rank-Broadley, confirming its status as legal tender in Australia.

According to Barnett, the creation of this collectible is an example of the Perth Mint and Rio Tinto’s Argyle Diamond Mine sharing their passion for craftsmanship and Western Australia’s rare resources. Although the price makes the coin only accessible to a selected few, the WA Premier says it is worth it.

“I don’t know who will buy it. Someone will buy it. It will make a lovely gift for the lazy million dollars,” says Barnett. “We think we’ll have significant interest, we think mostly from overseas, but there will be significant interest in it.”

There might be hundreds of people from overseas interested in this treasure. Most likely, the coin will be sold to someone who is fond of collecting unique and very rare things apart from having a very high net worth.  Perth Mint holds very high expectations that it will be sold to an affluent buyer by the end of August.

During the launch, Barnett also said that the mining industry is becoming more stable today, and the Australian price of gold is currently at record-high levels.

The Perth Mint, founded in 1899, refines more than 95 percent of Australia’s mined gold and exports these to markets abroad.