Russia has just declassified news that will shake world gem markets to their core: the discovery of a vast new diamond field containing “trillions of carats,” enough to supply global markets for another 3,000 years. The Soviets discovered the bonanza back in the 1970s beneath a 35-million-year-old, 62-mile diameter asteroid crater in eastern Siberia known as Popigai Astroblem. They decided to keep it secret, and not to exploit it, apparently because the USSR’s huge diamond operations at Mirny, in Yakutia, were already producing immense profits in what was then a tightly controlled world market.
The diamonds at the site are industrial, not cosmetic. Don’t expect cheaper engagements. Then again, diamond prices are more or less fixed by a cartel, so it doesn’t really matter.
Exactly. The DTC is already sitting on a vast mountain of diamonds and only releases enough at a time to maintain exorbitant market prices.