Russia revealed a previous state secret that it has ginormous diamond resources.

The DeBeers cartel was already sweating the advent of artificially created diamonds that could not be differentiated from the natural product. I imagine this will tank the jewelry market demand for diamonds. On a more positive note, diamonds have a lot of industrial uses which they can now be applied to in a manner that will reduce cost to the consumer, I would think.

According to the official news agency, ITAR-Tass, the diamonds at Popigai are “twice as hard” as the usual gemstones, making them ideal for industrial and scientific uses.

The institute’s director, Nikolai Pokhilenko, told the agency that news of what’s in the new field could be enough to “overturn” global diamond markets.

“The resources of super-hard diamonds contained in rocks of the Popigai crypto-explosion structure, are by a factor of ten bigger than the world’s all known reserves,” Mr. Pokhilenko said. “We are speaking about trillions of carats. By comparison, present-day known reserves in Yakutia are estimated at one billion carats.”