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1 researchok  Mon, Sep 17, 2012 3:19:11pm
Maybe this will let some air out of the artificially inflated diamond market.

Don't bet on it. Russia has been mining diamonds for decades and Canada has millions of carats of diamonds as well.

It is in everyone's best interest to keep prices high

2 EiMitch  Mon, Sep 17, 2012 4:34:53pm

re: #1 researchok

I concur. I'm sure Russia already figured out how to protect it's diamond profits before making this announcement.

3 Destro  Mon, Sep 17, 2012 4:50:42pm

re: #2 EiMitch

making them ideal for industrial and scientific uses.

Industrial diamonds must be different from diamonds used for jewels. So it may just make industrial diamonds cheaper.

4 nines09  Mon, Sep 17, 2012 5:34:34pm

It matters not how many diamonds they have, only what they release into circulation.

5 alinuxguru  Mon, Sep 17, 2012 6:13:56pm

Diamonds are about as rare as tin. Tin just doesn't have a good oligopoly running things.

6 wheat-dogg  Tue, Sep 18, 2012 7:49:49am

re: #5 alinuxguru

Diamonds are about as rare as tin. Tin just doesn't have a good oligopoly running things.

Diamond prices are set by a cartel, at least the kind of diamonds people wear. Diamonds are not a free-market commodity, like crude oil or pig bellies, so a big increase in supply is not going to affect the prices of somebody's engagement ring.

7 Daniel Ballard  Tue, Sep 18, 2012 1:43:57pm

Please shed no tears for DeBeers. Their monopoly is gone. They can't run the market anymore. So in response they started competing with the retailers that made them rich beyond imagining. Blood policy came before blood diamonds.

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