Another diamond miner is sticking its toes into the waters of retail business. This time, it’s Russian miner Almazy-Rossi-Sakha, which plans to open a jewelry store in Moscow.

This could be the start of a chain of Russian jewelry stores, says Almazy chief Sergei Oulin, who is in charge of the country’s mines in the Siberian province of Yakutia.

“We look at this as vertical integration,” Oulin told JCK. “We want to build up the Russian jewelry industry.”

Oulin hopes the store-which will be located near Red Square, close to the famed GUM department store-will generate $10 million a year in turnover. He says that most of the store’s jewelry will be produced by domestic manufacturers.

BHP, co-owner of the Ekati mine in Canada, recently established a Web site (www.aurias.com) to sell freshly-mined diamonds to Australian consumers. De Beers also is reported to be exploring the concept.