Russian diamond giant Alrosa held a board meeting in the Republic of Sakha (Yakutia), and discussed the progress of the Udachny diamond project.

According to an Alrosa press release, the board accepted various technical and economic solutions for construction of the Udachny underground diamond mine.

The company said the Udachny diamond mine will reach its design capacity in 2016, and the first stage of the mine will be commissioned in 2014.

Alrosa board members also approved the revised development plan of the Severalmaz Public Joint-Stock Company for 2010.

The diamond producer's management also considered an issue of clarifying technical and economic parameters of the development project of the Nakyn ore field.

When developing the forecast Company development plan, it was decided to take account of the diamond mining program submitted by the Nyurbinsky GOK with plans for commencing development of the Botuobinskaya deposit in 2013.

Board members also discussed the condition of the mineral base of the diamond mining industry and a price forecast up to 2018.