MOSCOW, November 5 (RIA Novosti) - Russia's largest diamond producer, Alrosa [RTS: ALRS], said on Wednesday net profits calculated to Russian Accounting Standards fell 62.3% year-on-year in January-September 2008 to 3.54 billion rubles ($131 million).

The company's net profit in the third quarter of the year was 112.57 million rubles ($4.2 million), a 96.7% plunge year-on-year.

Alrosa, which accounts for 97% of Russian and 25% of global diamond output, produced diamonds worth $2.37 billion in 2007. The Russian government holds a 50.9% stake in the company.