The Russians just announced that they have a huge amount of quality diamonds on their territory in some site that they haven't started exploiting yet.
To profit they basically have to ape De Beers and create a huge demand in Europe or Asia (I think diamond engagement rings are that big only in the USA)
I think that most of diamonds sold Russia are mined in Russia (Yakutia probably).
Still they are expensive and luxur-ish. I guess Russian jewelers are just riding the world-wide hype wave, not interested in disrupting or "harming" the market.
To profit they basically have to ape De Beers and create a huge demand in Europe or Asia (I think diamond engagement rings are that big only in the USA)