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A new diamond field said to contain “trillions of carats” is hitting the news wires.

Christian Science Monitor reports that the deposit lies beneath an asteroid crater in Siberia known as Popigai Astroblem. The crater, 62 miles in diameter, was actually discovered by Russian scientists in the 1970s, but the information was classified until today.

According to the story in CSM and now being reported in several international news providers and mining publications, the Soviets decided to keep the discovery a secret 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,” and the country had also invested heavily in synthetic diamonds.

Russian official news agency ITAR-Tass reports the diamonds at Popigai are “twice as hard” as Read more…