Diamond prices seen up in 2012 on sparkling demand

The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.

Most mining firms rely on their own diesel supplies to extract iron ore, diamonds, rutile and bauxite in the resource-rich country.

The miner may cut its labor costs by 10%, which could involve layoffs among its 35,000 staff.

De Beers' CEO said he expected negotiations on a new diamond sales pact with Botswana's government to be wrapped up within weeks.