Thursday, January 12th 03:27 PM IST

China finds huge diamond mine with 1 million carat capacity

# Diamond mining  # China diamonds  # Kimberley roc  

China on Thursday announced the discovery of a huge diamond mine in Liaoning province with a capacity of around 1 million carats.

BEIJING(BullionStreet) : China on Thursday announced the discovery of a huge diamond mine in Liaoning province with a capacity of around 1 million carats.

According to Liaoning Geology and Mineral Resources Exploration Bureau, The newly found diamond mine is the biggest one found in the past three decades in China.

It is estimated to be worth over billions yuan and the largest diamond discovered in thirty years in the province.

The Bureau claims that the diamonds in the mine are purer than that of South Africa's. Experts said no large diamond mine has been discovered globally for a decade.

Calculated by the present mining rate, diamonds in the world will be exhausted in 20years. But the diamond mine discovered in Wafangdian will relieve world shortage ofdiamond resources.

The prospecting team found a deposit of 130-meter thick Kimberley rock earlier in 2011, estimated to have formed in 400 million years ago.

Later they assessed the rock and were surprised by the content: about 2.89 carats worth of diamonds were contained in nearly every cubic meter of Kimberley rock. It will take 30 years to mine all of the diamond deposit.

The newly found diamond mine is the biggest one found in the past three decades in China. It is estimated to be worth over billions yuan.

A smaller diamond reserve was found in 2010, just 50 km from this new one.

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