As it has been reported by Information Agency SakhaNews, on January 11, 2007, the President of Yakutia Vyacheslav Shtyrov signed the decree on the Diamond Council of Yakutia.

The structure of the Council includes monitoring commission, commission for raw diamonds control, conflict commission, and raw diamonds sales promotion commission.

The duties of the Diamond Council are to prepare legislation documents and offers in the field of work with diamonds processing companies, diamonds promotion in the Republic.

Vasiliy Vlasov was appointed the Chair of the Diamond Council.