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Diamonds at Russia's 'Popigai Astroblem' enough for 3,000 years

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According to Russian Academy of Sciences trillions of carats' lie below the 35-million-year-old, 62-mile-diameter asteroid crater in eastern Siberia.






MOSCOW(BullionStreet): In a stunning revelation Russia said huge deposits of diamonds found in the Siberian meteorite crater named 'Popigai Astroblem' is enough to supply global markets for another 3,000 years.

According to Russian Academy of Sciences trillions of carats' lie below the 35-million-year-old, 62-mile-diameter asteroid crater in eastern Siberia.

Scientists are claiming that this gigantic deposit of industrial diamonds could revolutionize industry as it is good for technological purposes, not for jewelry, and far exceeding the currently known global deposits of conventional diamonds.

The Soviets discovered the bonanza back in the 1970s and decided to keep it secret, and not to exploit it, apparently because the USSR's huge diamond operations at Mirny, inYakutia, were already producing immense profits in what was then a tightly controlled world market.

Russian Geological and Mineralogical Institute said the diamonds include other molecular forms of carbon and could be twice as hard as conventional diamonds and therefore have superlative industrial qualities.

The diamonds owe their unparalleled hardness to enormous pressure and high temperatures at the moment of explosion when a giant meteorite hit 35 million years ago, leaving a 60-mile crater, they said

The Siberian branch of Russian Academy of Sciences said in a statement that scientists discussed the issue at a roundtable in Novosibirsk over the weekend, saying that further studies will be needed to assess economic aspects of their potential exploration.

The Kazakh President has received the Chairman of the National Bank of Kazakhstan.

Grigoriy Marchenko informed the President of Kazakhstan on the situation in the financial sector of the country, particularly in the banking sector and the foreign exchange market.

The inflation rate in the country remains low and amounts to 4.7%, said the National Bank Chairman.

The situation on the currency market and the banking sector remains stable. The National Fund and gold and currency assets are continuing to grow. Now their aggregate amount is 85 billion US dollars.

Following the meeting, the Head of State asked for the development of proposals for further reformation of the pension system and the use of funds of financial institutions for financing projects being implemented in the framework of public-private partnership.