However, a massive diamond rush is far from happening anytime soon. Why?
Although the MIT team estimates a quadrillion tons (or 1,000,000,000,000,000) worth of diamonds is in the cratonic roots, it makes up only about one to two percent of the rock's composition.
"This shows that diamond is not perhaps this exotic mineral, but on the [geological] scale of things, it's relatively common", said Ulrich Faul, of MIT's Department of Earth, Atmospheric, and Planetary Sciences. In the past few decades, agencies such as the US Geological Survey have retained a global record of seismic activity - essentially Earth's sound waves caused by earthquakes, tsunamis, explosions and other seismic sources.More news: 'I don't give af***' - Cousins hits back at critics after Warriors move
They found our planet is likely to be composed of as much as 2% of diamonds by volume.
Faul's co-authors include scientists from the University of California at Santa Barbara, the Paris Institute of Geophysics, the University of California at Berkeley, the Paris Polytechnic Institute, the Carnegie Institution of Washington, Harvard University, and the University of Science and Technology.
The undertaking to reveal profound Earth jewels started on the grounds that researchers were confused by perceptions that sound waves would accelerate essentially when going through the underlying foundations of old cratons.
Diamonds are formed under high-pressure and extreme temperatures.More news: Rory McIlroy makes ballsy claim after putting himself into Open contention
The project to uncover deep Earth diamonds began because scientists were puzzled by observations that sound waves would speed up significantly when passing through the roots of ancient cratons. Sound travels at different speeds depending on the rock types with which it operates.
Scientists estimate the diamonds are more than 100 miles below the surface, beneath the continental tectonic plates.
Sound travels through diamond twice as fast as other rocks, so the team of researchers figured there had to be some of the material in the cratons.
Scientists now believe the Earth's ancient underground rocks contain at least 1,000 times more diamond than previously expected.More news: Spain: Judge drops extradition bids for 6 Catalan fugitives
It may be hundreds of years until we develop technology capable of mining the diamonds, but it's nice to know there's a jackpot hidden in the earth.