The De Beers company, which holds a monopoly on world diamond production, has received approval to flood the Snap Lake Diamond Mine in Canada. The mine has produced 1.2 million carats, and was supposed to remain in operation until 2028, but as the world diamond market worsened, De Beers shut it down.
Excusing their actions, De Beers Canada spokesman Tom Ormsby comments that “the decision is helpful because it really helps us preserve a pretty significant resource in the ground.”