Russia Is Sitting on “Trillions of Carats” of Diamonds

Enough to Supply the Global Diamond Market for 3,000 Years

Russia has just declassified a secret it has been keeping for 40 years: it is sitting on trillions of carats of diamonds, enough to supply the global diamond market for 3,000 years.

The diamonds are “twice as hard” as normal, making them ideal for industrial applications, such as diamond saws.

We’ve previously discussed an even bigger stash of diamonds which may eventually flood the markets: one which is 10 billion trillion trillion carats.

Postscript:  The PBS special The Diamond Empire hinted at Russia’s diamond resources in 1994:

If the Russians had dumped their diamonds on the market, it might have put an end to the [diamond] cartel ….


It is perhaps amusing to think that, at the height of the cold war, the eternity ring that was being so successfully marketed in America was filled with stones from Siberia.


Russia has more leverage than other producers. It’s diamond production is greater than South Africa’s. Its deposits in the ground are immense and its stockpiles may exceed even those of De Beers.

Russia’s instability and desperate need for hard currency are potentially devastating to De Beers. These millions of carats of diamonds [they were off by a hundred million times or more … but who’s counting?], if suddenly dumped onto the market, could destroy the cartel.

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  • I don’t know how much of a secret it was. I saw this on TV more than thirty years ago. I don’t remember if it was 60 minutes, or 20-20, or some other documentary-type of show, but an old Russian guy was in a room filled with gray, floor-to-ceiling storage units that looked like the aisles in a library. The storage units had drawers similar to safe-deposit boxes, and he pulled one out for the camera to show that it was filled with diamonds, and he said the whole room was filled with them. That’s why I never bought, or would buy, a diamond. They’re just pretty rocks whose price is kept insanely high because people need them to get married in our silly society.

  • Mike

    I recall seeing the documentary as well and it was on PBS. I’ve done a search and I believe this is it:
    The Diamond Empire (1994) PBS.
    The entire industry is a fraud.

  • MVP

    Secret my arse – my jeweler said that when the Soviet Union was breaking up, the DeBeers were spreading the cash around to make sure that production wouldn’t ramp up too fast and expose the diamond for what it is; an overpriced rick foisted on the stupid American public for the purpose of lining the DeBeers pockets. Read the real history of the engagement ring in America – it’s a farce. Anyone who hasn’t been asleep knows the Russian have boatloads of the things and could change the world market for them any time they want.

  • Matt

    They have been drilling deeeper for oil and are finding lots more. Investigate “abiotic oil”.