Russian state-owned diamond miner Alrosa said Monday its second-quarter net profit more than doubled thanks to higher volume of diamond sales, which in turn offset the decline in prices during the period.

The company, which is getting set for a share sale within the next few weeks, said net profit reached almost 9 billion roubles ($257 million), up from 3.5 billion for the same period last year.

Revenue jumped 9% to $43 billion and production was up 16% to 9.6 million carats.

The volume of sales grew 14% to 8.8 million carats with gem-quality diamond sales up 25% to 6.9 million carats, while industrial diamonds sales fell 14% to 1.9 million carats.

The diamond market seems to have been experience a bonanza other commodities would die for.

According to a recently published report by Bain & Company and the Antwerp World Diamond Centre (AWDC), a steady diamond demand in the United States, paired with an ever growing appetite for these precious stones in China and India, will send rough diamond prices skyrocketing by 2018.