Apparently, as reported by Time Magazine in September 2012, Russia is home to a location in Siberia where a meteorite struck the earth about 35 million years ago. This action created impact diamonds, which are best used as industrial diamonds.
From the Geology Web site:
"This flash formation converted flakes of graphite in the Archeangraphite-garnet gneiss into diamond. Many of the diamonds produced were small polycrystalline stones that are approximately the same size and shape as the graphite flakes in the gneiss. Most are tiny stones under 2.0 millimeters in size that might be suitable for producing diamond abrasives."
This will have little if any impact on the gem-quality diamond market.
Gold and diamond reserves can be found in various locations on Earth, with gold deposits typically found in countries like South Africa, Russia, and Australia, while diamond reserves are often located in countries like Botswana, Russia, and Canada. In terms of distribution, gold deposits are more widespread globally compared to diamond reserves, which are more concentrated in specific regions. Additionally, gold reserves tend to be more abundant and easier to extract compared to diamond reserves, which are rarer and require more specialized mining techniques.
Russia has the largest diamond reserves in the world, with vast deposits located mostly in Siberia. The country is a major producer of gem-quality and industrial diamonds, accounting for a significant portion of global diamond production.
Oil Reserves are big and oil deposits are small.
The Diamond as Big as the Ritz was created in 1922.
A diamond mineral reserve is a geological phenomenon made up of at least one volcanic pipe that erupts diamonds and other precious minerals to the earth's surface. Many have been discovered in several countries in Africa, Canada, Australia, Brazil and India. Undoubtedly, there are diamond mineral reserves that have not yet been discovered on earth.
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South Africa had relatively huge reserves of gold and diamond