Diamonds may be forever. Their apparent scarcity isn't.
September 17, 2012 2:24 PM Subscribe
The Russian Institute of Geology and Mineralogy announced an allegedly previously undisclosed 60-mile-wide field of "trillions of carats" of impact diamonds caused by a metor strike into graphite rock in Siberia. The media is reporting that this has been known about since the 70s but undisclosed, but this is misleading. As detailed by Vishnevsky [academic summary PDF], for example, the presence of large amounts of impact diamonds within the impactites was very well known; it is perhaps better to say that the market-distorting sheer yield of the field (around an order of magnitude of increase over known reserves) had not previously been discussed. The diamonds produced by such high temperatures and pressures are around twice as tough as normal diamonds, and the extreme hardness and compartively cheap availibility is likely to hugely widen the usage of industrial diamonds even setting aside the gemstone issues. This does however put the 2011 sale of the Oppenheimer family 40 per cent stake in De Beers in an interesting light, especially as the field at once offers the prospect of huge diamond stones whilst devaluing De Beers' existing stockpile hugely.
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