Russia reveals shiny state secret: It's awash in diamonds 'Trillions of carats' lie below a 35-million-year-old, 62-mile diameter asteroid crater in eastern Siberia known as Popigai Astroblem. The Russians have known about the site since the 1970s.
<cite style="font-style: normal; color: #7d7d7d; font-family: Georgia, Times, 'Times New Roman', serif;" class="byline vcard">ByÂ Fred Weir |Â Christian Science Monitor â€“Â <abbr title="2012-09-17T13:12:12Z" style="">22 hrs ago</abbr></cite>
Russia has just declassified news that will shake world gem markets to their core: the discovery of a vast newÂ diamond field containing "trillions of carats," enough to supplyÂ global markets for another 3,000 years.
They decided to keep it secret, and not to exploit it, apparently because theÂ USSR's huge diamond operations at Mirny, inÂ Yakutia, were already producing immense profits in what was then a tightly controlledÂ world market.