Water Diamond - Beechworth

Hi,
Was researching the Beechworth area (gold related) and came across this reference to a 'diamond' find in the area back in 1916.
Have never heard of a "Water Diamond" can anyone enlighten me, please.

The link can be found by visiting the Trove website of the NLA, a copy of the text is reproduced below.
Cheers Tom

AN AUSTRALIAN DIAMOND. THE BIGGEST YET FOUND. Melbourne, December 18. The Advertiser (Adelaide, SA : 1889 - 1931) Tuesday 19 December 1916 p 8 Article ...

AN AUSTRALIAN DIAMOND. THE BIGGEST YET FOUND.
Melbourne, December 18.
On Saturday a prospector, Mr. W. Meth- ven, brought into Beechworth specimens of gems. One found in the clear stream of the Black Sand Creek, that runs from Mount Pilot, between Chiltern and Beech- worth, is pronounced to be a first-water diamond of eight carats, the largest, yet found in Australia, and its value is set down at 175. The stone is three-eighths of an inch in length.

I think first-water just means top quality. Rather than a type of diamond.

Thanks Ramjet,
Didn't know they found diamonds in Victoria, you live and learn, I guess that 8 carats iit was a fair sized specimen and at 175 back in those days it must have still been quite a find.
Regards T

I was just reading something about Beechworth area being the only place that Diamond mining might be viable in Victoria. Here it is:
https://earthresources.vic.gov.au/geology-exploration/gemstones