Although underwater diamond exploration may have begun only recently, the idea of deep-sea mining goes way back, having first been broached in the 1960s when the idea came up through J. L. Mero’s publication titled Mineral Resources of the Sea. In this book, the author claimed that the ocean floor held an unlimited supply of minerals, such as nickel, gold, zinc, manganese, cobalt, etc.
According to Mero, underwater minerals occurred in deposits of manganese nodules. The nodules could be observed as lumps of compressed flowers lying on the seafloor at depths of approximately 5,000 m. In the wake of this revelation, the US, France, and Germany immediately sent research vessels into the sea to ascertain the existence of these nodule deposits. However, it turned out that the initial projections on the potential of underwater minerals were exaggerated. Also, considering that metal prices were at an all-time low at the time, underwater mining did not seem feasible.
From the 1960s to 1984, up to USD 650 million was spent on exploring the underwater for precious metals, with very little to show. However, the subsequent years witnessed a significant rise in the demand for precious metals in China, India, Japan, and Korea. Underwater mining companies resumed their operations, shifting their focus from nodule deposits to hydrothermal vents.
Presently, Papua New Guinea boasts the world’s best deep-sea metal mining site - the Solwara 1 Project. The mining site is located at a water depth of 1600 m, and mineral prospecting generally takes place using remotely operated underwater vehicles.
Much of the deep-sea mineral exploration has been focused on precious metals without enough attention paid to precious stones like diamonds. At a time when the idea of deep-sea mineral mining was conceived, the diamond was still predominantly viewed as a luxurious and ostentatious commodity. Therefore, the supply of the gemstone often exceeded the demand for it.
Mineral exploration companies were keen on prospecting for useful minerals as opposed to those whose significance was more sentimental than economical. However, attitudes toward jewelry ownership changed for the better. Consumers no longer viewed diamonds as a measure of wealth. Instead, it was considered more as a marker of prestige and a symbol of timeless love. That led to a sudden increase in the demand for diamonds, so much so that most traditional mines were depleted.