UpFront

RUSSIA, WITH DE BEERS’ HELP, TO DEVELOP HUGE DIAMOND MINE Russia almost certainly will have a new world-class diamond mine within the next decade – and preliminary findings at another site indicate there might be two. De Beers is significantly involved in both ventures. The new finds are in the Archangel region in Russia’s far north, close to the White Sea, but within reasonable commuting distance of Moscow. In contrast, the mines that currently supply most of Russia’s diamonds are deep in the Siberian wilderness. If the new Archangel projects live up to their early promise, De Beers will gain a great deal more control over Russia’s diamond production – something that will make the rest of the diamond world breathe more easily. Publicly, De Beers executives take their usual cautious stance. De Beers director Tim Capon stresses that more tests are needed at both sites
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