Russian diamond miner Alrosa announced it is planning to produce 102.3 million carats of rough diamonds in the 2010-2012 period, expecting to generate $9.55 billion from rough diamond sales.

According to IDEX Online, the diamond production plan is still pending the Alrosa Board's approval. The latter is expected to convene in late June.

The 34 million carats average annual production increase proposal is believed to an attempt to compensate for the diamond giant's drop in sales in 2009. Alrosa's sales dropped 13.7% in 2009, $2.19 billion, from the production of about 32.8 million carats.