So much for South Africa, Northern Russia is now the home to the planet's largest cache of diamonds.  The Russian government releaved publicly recently something they've kept under wraps for decades:  an asteroid impact crater near the Arctic Ocean contains 100 times more diamonds than the rest of the known world's reserves.

The Daily Mail reports that the stones are

super-hard diamonds contained in rocks of the Popigai crypto-explosion structure are by a factor of ten bigger than the world's all known reserves,' he said.

'We are speaking about trillions of carats. By comparison, present-day known reserves in Yakutia (a Russian mine) are estimated at one billion carats.'

The stones at Popigai are known as 'impact diamonds' which result when an object like a meteor strikes an existing diamond deposit.

They are also unique, which will make them even more sought-after in high-precision scientific and industrial markets.

How will knowledge of a massive hoard of diamonds affect the tightly controlled and regulated diamond market?

[Complete Daily Mail article]