Although there may be some speculation as to the accuracy of this unbelievable claim, it is not out of the realm of possibility that Russia's diamond reserve has exponentially grown. If confirmed, it is projected that Russia would continue its global dominance of the industrial diamond market for the next 3,000 years.
Diamonds are one of the earth's major natural resources. Stones fall into two main categories: gem quality and industrial grade. Gem-quality diamonds account for roughly 30% of the diamonds produced each year, and contribute to the estimated $72 billion in global diamond jewelry sales. The remaining 70% of the annual diamond production consists of industrial-grade diamonds, also called "bort," which accounts for an estimated $13 billion dollars in sales annually. Bort are diamonds that are not suited for jewelry, but have important characteristics like hardness, thermal conductivity, and optical dispersion, making them a resource uniquely useful for industrial applications such as drilling, grinding, and polishing. Industrial-grade diamonds are also used in technical applications such as the production of microchips, computer processors, and lasers.
West Seattle Coins and Bellevue Rare Coins specializes in gold buying and dealing in rare coins. We are a family-owned business that was first established in 1979 and is now located in West Seattle, Bellevue and Lynnwood. We also buy and sell gold, silver, diamonds, currency and jewelry. Visit us first for a free appraisal.