A South African man is claiming to have discovered the world's largest diamond, but industry experts are sceptical about the find. The light green, coconut-sized gemstone is sitting in a Johannesburg bank vault awaiting tests.

A small South Africa mining firm says it has unearthed the world's largest diamond, with a size which is purported to be 7000 carats.

Beginning Monday, Liberians can start applying for licenses to mine, sell, or broker for diamonds. This follows the weekend lifting of a six-year moratorium on the trade in diamonds.

A new study finds that diamonds probably don't crystallize in the atmospheres of planets such as Uranus and Neptune. The conclusion is contrary to recent speculation that small diamonds would spontaneously form in carbon rich layers of the gas giant planets. White dwarf stars, according to the study, are veritable diamond factories.

The European Court of Justice has overturned the European Commission's ruling restricting diamond giant De Beers from buying rough diamonds from Russian Alrosa.

Walking along a path taken by thousands of others at the Crater of Diamonds State Park, Nicole Ruhter noticed something everyone else had missed -- a tea-colored, 2.93-carat diamond.

The World Diamond Council, the association responsible for regulating the global diamond trade, has singled out Zimbabwe and Venezuela for not meeting global standards aimed at curtailing the trade in so-called conflict diamonds. VOA's Jim Teeple reports from Jerusalem, where the leaders of the world diamond trade wrapped up their annual meeting on Thursday.

The diamond industry must assume more measures to prevent child labor and substandard work conditions and wages, and must keep the gems out of hands of criminals and terrorists, leading diamond official said Thursday.

President Ellen Johnson Sirleaf opened 10 diamond screening and evaluation offices across Liberia, marking the first step toward restarting the industry in the war-decimated West African country following the removal of a six-year ban by the United Nations.

The U.N. Security Council has lifted its embargo on Liberia's diamond exports. From U.N. headquarters, VOA's Peter Heinlein reports the action clears the way for creation of thousands of new jobs as it means Liberia's lucrative diamond industry can now resume.