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Rising Diamond Production: Russia's diamond production is steadily going up. Projection for the next four years, as tabulated below, forecasts an impressive figure of US$ 2.2 billion by 2005.

Joint Ventures : The idea of setting up of certain joint ventures with foreign participation was catching on before the disintegration of the Soviet Union came about. It is now making headway. Various ventures with the collaboration of Japan, Israel, Belgium and Italy are coming up.

Transformation: The Russian diamond industry is now being transformed into a Western style company accountable to its share-holders. It is endeavouring to develop its polishing works.

Russian Diamond Bourse: The Diamond Chamber of Russia (Diamond Bourse) was established in April, 1996 by the leaders of the Russian diamond business. Among its founders are the Smolensk Kristall Company, Alrosa, Almazjuvilirexport, the Association of Russian Diamond Manufacturers, the industrial and financial group "Dragotsenosti Urala", and banks cooperating with companies involved in the diamond business. The Diamond Chamber of Russia was established with the purpose of enhancing the formation of a diamond market in Russia.

Links with De Beers: De Beers has been doing business with Russia (U.S.S.R. then) since 1957, Russia's longest relationship with any Western company.
Diamonds were discovered in Yakutia in the 1950s and after an agreement was concluded by the late Sir Philip Oppenheimer with Soyuzpromexport, the first Russian diamonds were sold by De Beers in international markets in 1959. Successive agreements have been signed with Soyuzpromexport and its successor, Almazyuvelirexport (after 1970), until the present day.
For political reasons, relating to the situation in South Africa at that time, the contract between Russia and De Beers was officially terminated in 1963 but business continued through a British-registered intermediary company, City and West East Limited.

The establishment in 1990 of De Beers Centenary, facilitated the resumption of a formal sales agreement between De Beers and Glavalmazzoloto and Almajuverlirexport. A De Beers Centenary office was opened in Moscow subsequently.

In 1990, a five-year, $ 5 billion sales contract between De Beers and Russia was signed.

Trade & Technical Cooperation: In December 2001, a new five year, $ 4 bn. trade agreement with De Beers was signed by Alrosa. It provides for $ 800 million worth of rough diamond sales per year during the contract period. This contract on the one hand provides a regular flow of rough diamonds for the world polishing industry through De Beers and also on the other hand a guaranteed source of income to the Republic of Sakha (Yakutia) whose economy is also dependent on diamond revenue.
De Beers will continue to provide technical co-operation to Alrosa for converting its open pit diamond mines into underground operations.

Australian Help: In the meanwhile, yet another Russian diamond deposit, estimated to be the largest discovered anywhere in the world, may be developed by an Australian mining company. An investment of about $4 billion is required to start diamond production at Pomorie, which Russia is not in a position to manage by itself. Development of Pomorie diamonds will require the creation of a town of about 40,000 with various amenities and power plants to supply the enormous energy required for mining and processing of the gravel.