Canada's latest coin design will be an extravagant addition to your collection, but you'll probably need to pay for it in instalments.

The Royal Canadian Mint is now offering a pure gold diamond-shaped coin that's an ode to a cushion cut.

"No other diamond shape rivals the intensity of a cushion cut's fire. Coveted for its timeless allure and sparkle, the classic, pillow-like shape — one of the oldest diamond shapes — inspired this spellbinding 99.99 per cent pure gold coin," reads the Mint's site.

According to the Crown corporation, this is the fourth in its "highly sought-after series" of diamond-topped, diamond-shaped coins.

The design

Royal Canadian Mint

The Mint says the coin has been masterfully sculpted to match the patented cut of the 0.23-carat De Beers Ideal Cushion Cut diamond, which is embedded on one of its facets.

According to the Crown corporation, the diamond embedded in the coin has been sourced from one of Canada's finest diamond mines.

"The precious stone's flashes of coloured light add flair to a storied silhouette that is synonymous with royalty and romance," reads the description.

Royal Canadian Mint

In addition to the precious stone, the year "2024" is engraved on one facet, while "Canada," the denomination of "500 dollars" and Queen Elizabeth II's effigy is on the largest facet.

The obverse also has a special marking that includes four pearls, representing the four effigies that have graced Canadian coins and the double date of the Queen's reign.

Royal Canadian Mint

It adds that getting the precise angles of the diamond shape right involves an enormous undertaking.

"All the coins in this series are a testament to the ingenuity and skill of our R&D and engraving teams."

How can you collect the coin?

Royal Canadian Mint

Unfortunately, this is not a circulation coin, so you will have to pay a pretty penny to add it to your collection.

It costs a whopping $19,999.95 and can be ordered on the Mint's site.

Don't have almost $20,000 lying around? Not to worry! You can also pay for it in instalments of $3,333.33.

The coin is limited to a mintage of only 150.