A fishing vessel from Ihavandhoo, Haa Alif Atoll, collected a lump of ambergris weighing 12 kilograms, on Monday.
According to local media Mihaaru, a fisherman from the boat stated that they spotted the ambergris during a fishing expedition, floating below the surface of the ocean, approximately 30 miles offshore of Thuraakunu Island.
The fishermen are working towards transporting the Ambergris to capital Male' for testing.
“We are certain we found an ambergris. The reason being that it has similar characteristics. It will only be confirmed after testing", said the fisherman.
The fishermen estimated the price of the ambergris would roughly amount to MVR 10 million.
Ambergris is a wax-like substance that originates as a secretion in the intestines of the sperm whale, found floating in tropical seas and used in perfume manufacture.
Ambergrises are occasionally found throughout Maldives, though there have been several cases where people have attempted to sell unidentified substances mistaken for ambergris.