Russia Reveals It Is Sitting On 'Trillions Of Carats' Of Diamonds

An amazing story again: 

• The discovery of a vast new diamond field containing "trillions of carats," enough to supply global markets for another 3,000 years.
• The diamonds could be worth $1 quadrillion at current market prices (amazing number, but completely meaningless as you couldn't sustain the current market price and even you would likely divide the prices by 10 or 100 should you flush the market with that enormous amount of diamonds)
• It seems like it's not going to be cost efficient to mine these industrial quality diamonds - and might be a good reason why nobody has mined them yet; if you believe the story is real.

From CSMonitor

MOSCOW — Russia has just declassified news that will shake world gem markets to their core: the discovery of a vast new diamond field containing "trillions of carats," enough to supply global markets for another 3,000 years.

The Soviets discovered the bonanza back in the 1970s beneath a 35-million-year-old, 62-mile diameter asteroid crater in eastern Siberia known as Popigai Astroblem.
According to the official news agency, ITAR-Tass, the diamonds at Popigai are "twice as hard" as the usual gemstones, making them ideal for industrial and scientific uses.
The institute's director, Nikolai Pokhilenko, told the agency that news of what's in the new field could be enough to "overturn" global diamond markets.

"The resources of 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," Mr. Pokhilenko said. "We are speaking about trillions of carats. By comparison, present-day known reserves in Yakutia are estimated at one billion carats.

From CSMonitor again

If that wasn't crazy enough, the head of the Novosibirsk Institute of Geology and Mineralogy, Nikolai Pokhilenko, bragged about the value of the diamonds, telling Russian reporters about "trillions of carats" under the surface of Siberia. Pokhilenko even said that they would have enough diamonds to supply the global market for "3,000 years".
The news invariably went viral, with one website saying that the diamonds could be worth $1 quadrillion at current market prices, and arguing that the find could cripple the market value of the gem.

Unfortunately: 

Alrosa, the Russian mining giant, confirmed that the huge diamond deposit really does exist. Unfortunately, the diamonds are not jewelry quality, a spokesperson for Alrosa said, and while they could feasibly be used for industrial purposes, they are located in an area without good infrastructure and it would not prove cost efficient to mine for them when low-grade, industrial-use diamonds can be made in labs more cheaply.