Russia reveals vast new diamond source 'bigger than entire world market'

Last Updated: Tue, Sep 18, 2012 05:40 hrs

Russia is about to start tapping into a huge source of diamonds that could be bigger than the entire world market.

According to Russian scientists, huge stocks in a 62-mile wide asteroid crater in Siberia will last for 3,000 years.

"We are talking about trillions of carats, bigger than all known world reserves," the Daily Mirror quoted Scientist Nikolai Pokhilenko, as saying.

According to the report, the Popigai crater above the Arctic Circle has lain untapped because the old Soviet Union put all its efforts into making synthetic gems.

The report also quoted diamond expert Gennady Nikitin, as saying that 'the diamonds can overturn everything and it is not clear what will happen to prices in the market.'

"The value is less for tiaras than for industrial uses," he added. (ANI)

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