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Popigai diamonds

via Russia diamonds: Source under Siberian asteroid crater could supply world markets for the next 3,000 years | Mail Online.

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‘We are speaking about trillions of carats’: Russia reveals vast diamond source under 62-MILE-WIDE asteroid crater which could supply world markets for next 3,000 years. Supply under 35million-year-old impact zone is ten times bigger than global reserves. Kremlin discovered the site in the 1970s but kept it a secret until now to exploit tightly controlled market. Diamonds at Popigai Astroblem in Siberia are ‘twice as hard’ as normal, making them ideal for high-precision scientific instruments and industry

The news comes amid slumping prices for both rough and polished diamonds, and a fair amount of turmoil in the diamond market. Both BHP Billiton (LSE:BHP) and Rio Tinto (ASX:RIO,LSE:RIO) have said they are restructuring their diamond businesses. In August luxury retailer Harry Winston was rumored to be interested in purchasing the Ekati diamond mine in northern Canada from BHP. Harry Winston owns a 40 percent stake in the Diavik mine operated by Rio Tinto in the same region as Ekati.

By

Daily Mail Reporter

PUBLISHED:

12:21 EST, 17 September 2012

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