Sergei Vybornov, the head of investment arm of ALROSA and a former manager of Russian mining company Norilsk Nickel, has taken over as President from Alexander Nichiporuk effective February 9.

Nichiporuk said that while Alrosa needs to take over Norilsk Nickel and create a mining conglomerate to fully develop its mineral deposits and increase exports, this cannot occur for at least six months while the diamond company reorganizes its capital structure and issues new shares.

The Russian government is seeking to complete a long-held goal of increasing its stake in the company to just above 50 percent, at the expense of the autonomous Republic of Yakutsk