|
Russia is about to start tapping into a huge source of diamonds that could supply the world market for the next 3,000 years. Scientists estimate there are 'trillions of carats' lying beneath a 35million-year-old asteroid crater in Siberia - more than ten times the global stockpile. The Kremlin has known about the reserves under the 62-mile-wide impact zone since the 1970s. But it has kept it a secret until now because it was already reaping big profits in what back then was a heavily controlled market. The official news agency, ITAR-Tass, said the diamonds at the site, known as Popigai Astroblem, are 'twice as hard' as the usual gemstones, making them ideal for industrial and scientific uses. According to The Christian Science Monitor, the institute's director, Nikolai Pokhilenko, told the agency that the new source would cause a radical shake-up in the precious stones market. The stones at Popigai are known as 'impact diamonds' which result when an object like a meteor strikes an existing diamond deposit. They are also unique, which will make them even more sought-after in high-precision scientific and industrial markets. Diamond production was booming in Russia in 2007 when output reached $1.35billion, 98 per cent of which was exported to Belgium, Israel, South-east Asia and the USA. But the bottom fell out in 2009 when polished diamond production fell to an unprecedented low of US$350 million during the economic crisis. | 
