Quote:A vast field of Asteroid diamonds in Russia was unveiled to the world earlier this week. The field, which was discovered back in the 1970s, contains “trillions of carats” of diamonds. Russia decided to declassify its immense diamond field earlier this week. The soviets initially decided to keep the discovery a secret because the USSR already had a successful diamond operation at Mirny.

This week, however, Russia allowed scientists at the Novosibirsk Institute of Geology and Mineralogy to talk about the diamond field that sits below the Popigai Astroblem, a 35-million-year-old asteroid crater in Siberia.

The CS Monitor reports that the diamond field is so big that it could “overturn” the global gem market.

http://www.inquisitr.com/334927/russia-r...-diamonds/

These are strictly industrial-type diamonds, though. The bloodletting for the high quality diamonds in Africa will continue unabated.

Still a far more important resource for various industries and it seems as if there will be a virtually inexhaustible supply.

DeBeers, owns enough high quality daimonds, in their vaults already, they chop african childrens arms off, for political and religous reasons, the constuction grade daimonds, may be of lesser quality, but most people will put them in jewelery, and never know the difference

So...

Diamonds are essentially worthless now?

(September 26, 2012 at 1:31 pm)Welsh cake Wrote: So...

Diamonds are essentially worthless now?

what???

(September 26, 2012 at 1:38 pm)cratehorus Wrote:

(September 26, 2012 at 1:31 pm)Welsh cake Wrote: So...

Diamonds are essentially worthless now?

what???

Market price is based on supply and demand. Diamonds are in high demand, and the supplies are limited, so the prices are high. With this field of diamonds estimated to be 10 times larger than the current reserves, and the demand staying the same (or maybe slightly increasing), the price of diamonds (at least, the kind of diamonds these are) will fall.

Quote:Diamonds are in high demand, and the supplies are controlled by a monopoly, so the prices are high.

Fixed that for ya, Tibs.

(at least as it applies to gemstone-quality diamonds)

(September 26, 2012 at 1:45 pm)Tiberius Wrote:

(September 26, 2012 at 1:38 pm)cratehorus Wrote: what???

Market price is based on supply and demand. Diamonds are in high demand, and the supplies are limited, so the prices are high. With this field of diamonds estimated to be 10 times larger than the current reserves, and the demand staying the same (or maybe slightly increasing), the price of diamonds (at least, the kind of diamonds these are) will fall.

ahhhhhhhhhhhhhhhhhhhhhhhh.................................................... the simplicity of supply and demand.................. why do, I have such a strong suspicion this won't affect the "market" at all?

Perhaps not the regular gem market, but it'll probably affect the market for industrial machines that use these gems.

Quote:ahhhhhhhhhhhhhhhhhhhhhhhh.................................................... the simplicity of supply and demand.................. why do, I have such a strong suspicion this won't affect the "market" at all?

I imagine we will get to see an example of the "invisible hand" of the market in action. The Russians with their basically unlimited supply will undercut the other producers of industrial diamonds, drive them out of business and then charge whatever they wish.

Think of the way oil companies manipulate prices in order to undercut development of alternative forms of energy.