Company said it has spent more than 13 years in northeast Minnesota conducting extensive environmental, engineering, exploration, hydrogeological and community engagement work.
Major Western jewellers, from Tiffany's to Cartier and Van Cleef & Arpels have all been keen to distance themselves from Russia's lucrative diamond trade.
Modified law, however, will ban all future mining concessions, including exploration, extraction and transportation of minerals, as well as contract renewals in Panama.