After the first diamonds were found Murfreesboro experienced a "diamond rush". Anecdotes and legends tell of hotels in Murfreesboro turned away 10,000 people in the space of a year. Supposedly, miners formed a tent city named "Kimberly" in honor of the famous Kimberley diamond district in South Africa. However, historical evidence indicates that the Town of Kimberly was actually a development venture in 1909, initiated by Mallard M. Mauney and his oldest son, Walter, on their land immediately south of Murfreesboro. The project failed as the speculative boom generated by the diamond discovery collapsed. Today, the Kimberly area is almost all cow pasture, owned by Mauney's descendants.
During the Second World War, the U.S. government took over the mine. Although diamonds were obtained, it was not successful as a venture due to the large costs involved with U.S. labor. After the war, the property was returned to the previous owners.
From 1951 to 1972, the crater was operated as a private tourist attraction by several companies. The first, The Diamond Preserve of the United States, lasted only about one year. In late 1951, Howard A. Millar took over the property and in April 1952, Millar and his wife, Modean, launched their Crater of Diamonds attraction. In March 1956, a visitor found the Star of Arkansas on the cleared surface. The spectacular find weighed 15.33 carats.
Later, a rival tourist attraction called the Arkansas Diamond Mine, was opened by Roscoe Johnston on the main part of the diamond field hoping to capitalize on the excitement.