Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
Irish explorer Karelian Diamond Resources (AIM: KDR) said on Tuesday its search for precious stones in Finland has taken a significant step forward after finding signs of diamond bearing kimberlite in the same area where it previously unearthed a rare, pale green diamond.
Results of its latest electron microprobe analysis, a tool for chemical analysis of solid materials, indicate the presence of a diamond stability field. According to Karelian, this suggests the area holds diamond bearing kimberlite likely to be the source of the green diamond found in 2022.
“Discovery of the source of the green diamond could be particularly significant as coloured diamonds, including green diamonds, sell for prices which can be multiples of those for clear colourless diamonds,” the company said.
Karelian is simultaneously exploring and advancing other assets in Finland, including the Lahtojoki deposit.
It noted that it has already applied for a mining permit to proceed with development of the deposit, which has a significant percentage of pink diamonds. If developed, Lahtojoki would be the first diamond mine in Europe, outside Russia.
