The previously government-controlled diamond trade in the Soviet Union and the Ukraine has opened to private companies and North Star Diamonds is among the first to announce a joint venture to explore there.
North Star, which has land holdings in both the Soviet Union and the Ukraine, has announced a joint venture with the Ukrainian government to search for commercial diamond deposits. North Star has completed the acquisition of three advanced-stage diamond projects from Russia into the Ukraine–situated in the vicinity of Russia’s rich Archangel diamond mine. Should a discovery be made, the region allows for year-round operations.
Drill testing kimberlite targets found that more than 190 anomolies have yielded many gem-quality micro and macro-diamonds in this area.