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Thread: Diamond prices to crash - Trillions of carots found

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    Diamond prices to crash - Trillions of carots found

    Russia has announced they have a 62 mile wide ancient crater with TRILLIONS of carots of diamonds by a massive meteorite hitting a graphite deposit.

    Russian asteroid crater revealed to be filled with over $1 quadrillion of diamonds | Technology News Blog - Yahoo! News

    Remember all the "invest in gems" ads recently?

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    Re: Diamond prices to crash - Trillions of carots found

    DeBeers will buy them and sell them at twice the price as current diamonds.

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    Re: Diamond prices to crash - Trillions of carots found

    This may be the one time DeBeers can't exercise total monopoly. The Russian mofia/government is pretty tough - and has nukes.

    What is at stake is the sense of rarity. That is now at risk.

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    Re: Diamond prices to crash - Trillions of carots found

    This is why I've never advocated diamonds as a way of storing wealth.... the price has been kept artificially inflated for decades if not longer.


    If the supply wasn't kept deliberately constrained, a diamond wouldn't cost any more than any other pretty rock someone polished up.

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    Re: Diamond prices to crash - Trillions of carots found

    This may explain what I had been watching with curiousity over the last few weeks - the sudden declaration that "black diamonds" are truly the most desirable.

    Huh? The beautiful of a diamond refracting light, which is exactly what a black diamond won't do. Other than technically a "diamond," it is no more beautiful than any black gem because it does not refract light.

    Then, before the link above, when I saw the article about an outrageously expensive gown at $5.7 milliion - so costly being laced with "black diamonds." I wondered more "what the hell? Black diamonds???"

    But that gown story was released at the same time - and I think in response to - the announcement of TRILLIONS of carots of diamonds.

    Thus, its clear. They are redefining what is the truly "rare" stone and it isn't clear diamonds anymore - that clarity and pureness of the clarity isn't what matters. Rather, the exact opposite -that the most valuable "diamond" is the one with the least clarity!

    $5.7 Million Dress Dazzles with Black Diamonds, but Isn't the Priciest Gown Out There | Fashion - Yahoo! Shine

    This is why gems are a bad investment as THE gem to have changes across time. This has happened to other non-diamond gems

    This is a danger also of precious metals. Many world economies used to be based on silver, including Germany. Then the massive California Comstock mine came in, all but totally destroyed the German economy, which had to dump its silver based economy and everyone who had "invested" in silver bullion and fine silver tea sets etc...

    The same can happen to gold or any other "precious" and "rare" materials.

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    Re: Diamond prices to crash - Trillions of carots found

    ummm. Was this part of the article not noticed:

    Impact diamonds are significantly harder than normal diamonds, and are best suited for industrial or scientific use.
    These are not gem quality diamonds, and it is unlikely many - if any - will end up as jewelry, yet the article then estimates the wealth of the find based on what diamonds could sell for at the extreme high end (very large or high quality gemstones).

    Given that diamonds can sell for $2,000 per karat with unusually large diamonds going for as much as $20 million
    This is great for anyone who needs diamond tipped drill bits, but I would not expect it to impact the prices for high quality diamonds all that much.
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    Re: Diamond prices to crash - Trillions of carots found

    Wonder how they overlooked it until now. 35 million years is a long time not to notice something

    Quote Originally Posted by joko104 View Post
    Russia has announced they have a 62 mile wide ancient crater with TRILLIONS of carots of diamonds by a massive meteorite hitting a graphite deposit.

    Russian asteroid crater revealed to be filled with over $1 quadrillion of diamonds | Technology News Blog - Yahoo! News

    Remember all the "invest in gems" ads recently?

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    Re: Diamond prices to crash - Trillions of carots found

    Quote Originally Posted by specklebang View Post
    Wonder how they overlooked it until now. 35 million years is a long time not to notice something

    I had originally read this story a few days ago by a different source. In that article they said that the mine had been in operation since the 1970's but had not been brought to public attention until now.


    Ahh found the story: Russians discover giant diamond field - Business Insider

    The Soviets discovered the bonanza back in the 1970s beneath a 35-million-year-old, 62-mile diameter asteroid crater in eastern Siberia known as Popigai Astroblem.
    They decided to keep it secret, and not to exploit it, apparently because the USSR's huge diamond operations at Mirny, in Yakutia, were already producing immense profits in what was then a tightly controlled world market.
    So they have known about it for a while.

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    Re: Diamond prices to crash - Trillions of carots found

    Quote Originally Posted by joko104 View Post
    Russia has announced they have a 62 mile wide ancient crater with TRILLIONS of carots of diamonds by a massive meteorite hitting a graphite deposit.

    Russian asteroid crater revealed to be filled with over $1 quadrillion of diamonds | Technology News Blog - Yahoo! News

    Remember all the "invest in gems" ads recently?
    Does this mean that blowjobs will become much much cheaper in the future?

    Also the good news is if black diamonds are the most valuable, they can be grown cheaply in a lab.

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    Re: Diamond prices to crash - Trillions of carots found

    ok... so.

    Russia also has a lot of that good expensive caviar. It is in fact the #1 caviar exporter in the world. In Russia and Ukraine, caviar is very, very cheap. I mean... really cheap. However, in the EU and the USA, it is expensive. Why? because Russia limits the export. low export -> high prices.

    What I am getting at is that it doesn't matter at all if they found millions of diamonds... all it matters is how fast will they get to the international market.

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