Russian diamond explorer and developer ALMAR has once again postponed the launch of pilot diamond production at its Beenchime placer deposit in northern Yakutia and suspended development plans for a second project, citing diamond prices that currently make the investments economically unviable.
The decision follows a reassessment of both projects based on current market conditions and broader macroeconomic factors. In its latest report, ALMAR stated that the prevailing market environment remains unfavorable. According to industry analysts cited by the company, a meaningful recovery in the global diamond market is unlikely for another two to three years, making near-term project development difficult to justify.
While mining activities remain on hold, ALMAR will focus on exploration. The Beenchime placer deposit contains 632,600 carats of mineral reserves and 1.79 million carats of inferred resources. Pilot production was originally scheduled to begin in 2024, but the timeline has been pushed back repeatedly as market conditions have deteriorated.
The company’s second asset, the Khatystakh project, will also remain on hold this year despite previously targeting 2026 for the start of development. The project currently hosts 14.83 million carats of inferred resources, and ALMAR plans to continue exploration work to further define the deposit.
ALMAR’s decision reflects broader conditions across the diamond industry. Last month, ALROSA also warned that the recovery of the global diamond market would be gradual. The company forecasts worldwide diamond sales to increase by only 4% in 2026, reaching approximately 98 million carats, with demand expected to be driven primarily by larger, higher-value stones rather than the mass-market segment.
The downturn in the diamond market has lasted longer than many producers anticipated. Rather than committing capital during a period of depressed prices, ALMAR has chosen to prioritize resource definition and exploration. By the time market conditions improve, the company aims to have a stronger and better-defined resource base ready for development.
Source: ALMAR
Image: ALMAR
