Alrosa may join the list of diamond miners who compete with their clients at the retail end by opening a chain of diamond jewellery stores, according to a report by the Russian newspaper. The Russian diamond miner plans to invest $50 million in the retail venture. %%The report quotes the company’s president, Sergey Vybornov, as saying that Alrosa could open 50 stores in Moscow and other main cities within the next five years, using Armenia as a manufacturing base.%%Alrosa will sell high-end jewellery for men, women and children with a starting price point of $800, the Vedomosty report adds.%%The Russian Diamond Manufacturers Association vice president, Ararat Evoyan, called the retail venture a “reckless scheme” and said it would need over $50 million. Vybornov, however, said his aim was to increase demand for diamonds.%%Meanwhile, Vybornov appointed Galina V. Klimenko as Alrosa’s vice-president, effective from May 18, 2007. She will be in charge of corporate development issues