Yakutia's State Assembly has approved amendments to regional legislation, which will allow Russian diamond giant Alrosa to pursue it aspiration to become an Open Joint Venture Company.

The amendments effectively lifted a ban on turning the mining conglomerate into an open joint stock company, by deleting a 2003 clause stating that it is in the Republic's interests for the company to remain a closed joint stock company. Diamond Intelligence reported.

Yakutia's President Yegor Borisov said Alrosa's transformation into an open joint stock company is a "key feature in radically changing the republic's economy."

Yakutia's government currently holds stake in Alrosa comes to 32%, and eight settlements in Yakutia hold 8% – the administrations of the so-called "diamond provinces."

According to the report, once the diamond conglomerate's transformation in an open joint stock company is complete, Alrosa would consider an additional IPO; which according to CEO Fyodor Andreyev, may yield up to $2 billion from the placement of 20% of the shares