Russia has been the world’s largest diamond producer for the past 3 years. Its diamond mines in Yakutia produce massive profits in a tightly controlled market. However it has just been released that the Russians have been sitting on a monolithic mine for 40 years. In the 1970s they discovered a diamond field beneath a meteorite crater which contains trillions of carats, and could supply the world with diamonds for 3,000 years.
They didn’t release this information earlier in order to keep the diamond market under control, and the prices high.
Nikolai Pokhilenko, the director of the Novosibirsk Institute of Geology and Mineralogy, said that “the resources of super-hard diamonds contained in rocks of the Popigai crypto-explosion structure, are by a factor of ten bigger than the world's all known reserves. We are speaking about trillions of carats. By comparison, present-day known reserves in Yakutia are estimated at one billion carats.”
Joao is a writer for Oilprice.com