President of Alrosa resigns

The president of Russia's diamond monopoly Alrosa has resigned. Alexander Nichiporuk has been Alrosa's president since 2004. A company spokesman said his decision is linked with the new goals set by Alrosa's shareholders.

The Interfax news agency says Sergei Vybornov, the General Director of the Alrosa Investment Group, could become the next president of the company.

Alrosa produces a quarter of the world's diamonds. It controls 97 percent of Russia's diamond output. Its 2006 diamond sales totalled almost $ U.S. 3 BLN.