Problems and prospects of development of diamond mining industry of Russia

Abstract

The basic problems of the Russian diamond-mining industry development in modern economic conditions are: instability of diamond production demand; necessity of significant investments (180 billion dollars) for construction new mines and modernization of enterprises; unstable position of lapidary and jeweler branches; inefficient state regulation; necessity to increase the financing of geological prospecting works. Demonopolization of the diamond market has led to competition strengthening between independent manufacturers. In this connection, prospects of the Russian diamond-mining industry development directly connected with its competitiveness. The analysis of the Russian diamond-mining industry competitiveness has shown presence of its stable and steady position in the world market and favorable development prospects. Steady development of the diamond-mining company in the long term depends on its ability to predict and flexibly react to changing conditions of an external environment, to keep and get new competitive advantages.