Alrosa projects that its sales of both rough diamonds and polished diamonds for 2010 will reach $3.46 billion, with sales for the month of October projected to comprise $228 million, news outlets report.

Earlier this month, the Yakut province government approved initial legislation that would permit Alrosa - the world's biggest single producer of diamonds – to privatize and sell shares.

Reports this week indicated that the company would sell up to 20% of its shares in an IPO, with the Kommersant business newspaper saying that the company was seeking to raise $2-2.5 billion. The paper also said that Alrosa planned to maintain an annual diamond production of 32 to 34 million carats.

JP Morgan has valued Alrosa at $7.3-9 billion, excluding debt.