Vast quantities of small, inexpensive diamonds suitable for low-cost jewelry are mined in which country?

The correct answer is Australia because it has been known for producing significant quantities of small, commercial-grade diamonds, particularly from the Argyle mine, which specialized in pink diamonds and lower-quality diamonds that were suitable for mass-market jewelry. The Argyle mine, which was operational until 2020, was one of the largest sources of these diamonds in the world. This vast production of smaller and less expensive diamonds contributed to Australia's reputation in the diamond mining industry, especially for low-cost jewelry options.

In contrast, while South Africa, Canada, and Russia are all renowned for their diamond production, they tend to focus on higher-quality or larger diamonds, which often command higher prices. South Africa has a rich history of diamond mining but is more associated with gem-quality diamonds. Canada has established itself as a leading source of high-quality diamonds, and Russia is known for producing both large stones and gem-quality diamonds but is less recognized for the volume of small, inexpensive diamonds.