MOSCOW Russia's largest diamond producer Alrosa will sell off its most valuable diamonds to raise funds to repair the damage done by recent Siberian floods, AFP quoted Alrosa's president as saying Friday.

The damage from the raging floods, which devastated the city of Lensk and threatened to submerge Russia's diamond-producing capital Yakutsk, amounted to nearly six billion rubles ($207 million), according to official figures.

The damage bill will be divided between the state, the Yakutiya region's local budget and alrosa, which has pledged to build some 1,200 apartments for those Siberians left homeless by the floods.