Perhaps the main problem facing the diamond market over the past year is the unprecedented level of debt of the leading mining corporations - De Beers and ALROSA. This is the problem of the market as a whole, since the encumbrance of the mountain giants is reflected in debts not only by their ability to attract loans, but also on the opportunities for developing their own mineral resource base, which is the basis of the world's "diamond pipeline", but also inevitably influences pricing mechanisms On rough diamonds. The volume of these debts, the conditions for their servicing and restructuring can not be ignored in the marketing strategies of companies and significantly influence the formation of the principles of interaction with customers.

The main reasons for the accumulation of debts of De Beers and ALROSA in 2005-2008 are similar in many respects - first of all, the need for investments in the construction and modernization of mines in Canada, Botswana and Western Yakutia. In these "fat" for the diamond industry, the level of such borrowing did not look excessive in the light of favorable price forecasts built on a strategically correct premise about the depletion of known deposits and the lack of discovery of new ones. The crisis fundamentally changed the situation: a sharp drop in demand put the leading diamond mining companies in extremely harsh conditions, the problem of debts came to the forefront.

At the first stage, the anti-crisis strategies of De Beers and ALROSA differed in principle: De Beers practically stopped production and resorted to loans to Anglo American, increasing its already considerable debt; ALROSA did not cut production, but left the market, selling all products to Gokhran. As a result of these actions, the market avoided a catastrophic collapse, the companies retained their production potential, but their balance produces a depressing impression.

By the end of 2009, the companies came up with comparable levels of debt load: $ 3.5 billion from De Beers and $ 3.85 billion from ALROSA. With respect to the Russian company, it can be argued that this figure is a relative success, since as of June 1, 2009, ALROSA's debt exceeded $ 5 billion. Nevertheless, such a level of debts appears to be critical, and the financial position of the leading diamond mining companies is extremely unstable. Given the current difficult labor market situation and the unfavorable forecast for 2010 unemployment dynamics in the countries that are the main consumers of diamond products, a significant reduction in the debt burden solely due to the growth in sales of diamond products seems almost unbelievable.

The need for a radical solution to the debt problem seems to be clearly recognized by both companies, and unlike the original anti-crisis measures, there will likely be more similarity than differences. In early December, it was reported that the management of De Beers is considering the possibility of increasing the company's capitalization by $ 1 billion, which is, respectively, 28% of its debt. Almost simultaneously it became known that the management of ALROSA considers it necessary to transform the company into an open joint-stock company in order to "increase the investment attractiveness of the company, reduce the total amount of debt, improve management efficiency". The connection between a significant reduction in the debt burden and the transformation of ALROSA into an OJSC deserves a separate consideration.

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