Say hello to Virgin Rainbow, the world’s most beautiful and expensive gem stone!

Get ready to be dazzled with the world's most exquisite and precious opal. Unearthed in the mining region of South Australia, this rare multicolored opal called the 'Virgin Rainbow' is being touted as the most beautiful gem stone ever.

Courtesy: South Australia Museum

Adelaide: Get ready to be dazzled by the world's most exquisite and precious opal! Unearthed in the mining region of South Australia, this rare multicolored opal called the 'Virgin Rainbow' is being touted as the most beautiful gem stone ever.

Worth more than $1 million, the Virgin Rainbow was formed over millions of years from the opalized fossils of dinosaurs. Opal is created when water and silica mix together to form a gel that flows into rocks and fossils.

The gem will make its public debut as the centre piece of an exhibition opening at the South Australian Museum, Adelaide in September.

It was in 2003 that coal miner John Dunstan stumbled upon this fascinating form of silica in the opal fields of the town of Coober Pedy in northern South Australia.

"You'll never see another piece like that one, it's so special. That opal actually glows in the dark -- the darker the light, the more colour comes out of it, it's unbelievable," Dunstan said in an interview.